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Van receives $45,000 for an asset that he sells to Joey. The asset is subject to a $5,000 liability that is assumed by Joey. a)

Van receives $45,000 for an asset that he sells to Joey. The asset is subject to a $5,000 liability that is assumed by Joey.

a) What amount must be realized by Van?

b) What is Joeys basis in the property she acquired?

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