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Thomas exchanges business land with a $100,000 adjusted basis for $10.000 cash and business land with a $96,000 FMV Identify on the exchange: 1. Adjusted

Thomas exchanges business land with a $100,000 adjusted basis for $10.000 cash and business land with a $96,000 FMV Identify on the exchange: 1. Adjusted Basis 2. Amount Realized 3. Gain realized 4. Gain recognizes 5. Value of boot received $106.000 Choose... $100,000 Choose... $6.000 Gain recognizes on the exchange

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