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Joseph exchange land ( tax basis of $34000) , that he had held for 4...

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Accounting

Joseph exchange land ( tax basis of $34000) , that he had held for 4 years as an investment , for similar land value at $42000 which was owned by Adrian . in connection with this transaction , Adrian assumed Joseph 's $11000 mortgage. As a result of this transaction Joseph should report a long - term capital gain .

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