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Elizabeth exchanges her retail storage assets for retail displays. In this like-kind exchange, Elizabeth receives...

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Accounting

Elizabeth exchanges her retail storage assets for retail displays. In this like-kind exchange, Elizabeth receives $2,000 in cash. The storage assets have a fair market value of $12,000 and Elizabeth's basis in the assets is $3,000. The displays have a fair market value of $10,000 and a basis of $8,000. What is Elizabeth's recognized gain on the exchange?

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