A taxpayer exchanges a rental house at the beach with an adjusted basis of $180,000...
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Accounting
A taxpayer exchanges a rental house at the beach with an adjusted basis of $180,000 and a fair market value of $160,000 for a rental house in the mountains with a fair market value of $148,000 and cash of $12,000. What is the recognized gain or loss?
$0 $12,000 $148,000 ($20,000) None of the above
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