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DDF Corporation sold land it had used for parking and storage for 20 years for...

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Accounting

DDF Corporation sold land it had used for parking and storage for 20 years for $575,000. Its basis in the land was $68,000. It also sold some manufacturing equipment for $125,000 that it replaced with more modern equipment. The equipment sold had a basis of $760,000.

a. Determine the amount and character of DDF

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