Helen exchanges business land (basis $50,000) for other business land (FMV $100,000) and marketable securities...
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Accounting
Helen exchanges business land (basis $50,000) for other business land (FMV $100,000) and marketable securities (FMV $30,000). What is Helen's recognized gain on the exchange of the land?
1. $ 80,000
2. $ 50,000
3. $130,000
4. $ 30,000
5. None of the answers provided is correct.
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