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dean exchanges business equipment with 120,000 adjusted basis for 40000 cash and business equipment with...

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Question

Accounting

dean exchanges business equipment with 120,000 adjusted basis for 40000 cash and business equipment with a 140000 FMV. What is the amount of gain which dean recognizes on the exchange?

a. 40000

b. 20000

c. 60000

d. 0

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