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Whitney exchanges timberland held as an investment for undeveloped land with a $ 3 0 0 , 0 0 0 FMV . Whitney's basis for

Whitney exchanges timberland held as an investment for undeveloped land with a $ $300, 000$ FMV $.$ Whitney's basis for the timberland is $ $150, 000 .$ She also transfers her tractor with a $ $15, 000$ basis and a $ $10, 000$ FMV as part of the exchange.

a $.$ What is the amount, if any, of gain or loss recognized on the transaction?

b $.$ What is the basis of the undeveloped land?

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