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will rate, thank you 1. Jessi had a machine with a basis of $140,000 [FMV 200,000). She exchanged the old machine for a new machine

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1. Jessi had a machine with a basis of $140,000 [FMV 200,000). She exchanged the old machine for a new machine and boot [FMV 30,000). REQUIRED: A. How much gain or loss is recognized and what is the basis of the new machine if this is: NOT A Like-Kind Exchange A Like-kind exchange B. The new machine is later sold for $250,000. What is the gain or loss on the sale AND THE TOTAL GAIN OR LOSS OVER THE LIFE OF THE MACHINES if the machine was acquired in: NOT A Like-Kind Exchange A Like-kind exchange

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