Mandy and Theo exchange real property in a like-kind exchange. Mandy receives real property with a fair

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Mandy and Theo exchange real property in a like-kind exchange. Mandy receives real property with a fair market value of $78,000 and transfers real property worth $70,000 (adjusted basis of $28,000) and cash of $8,000. What is Mandy’s realized and recognized gain?

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South-Western Federal Taxation 2022 Individual Income Taxes

ISBN: 9780357519073

45th Edition

Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman

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