Max Inc. owns an apartmenbiancat building with an adjusted basis of $590,000. Max Inc. exchanges...

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Accounting

Max Inc. owns an apartmenbiancat building with an adjusted basis of $590,000. Max Inc. exchanges this property for another apartment building worth $660,000.a. What is Max Inc.s realized and recognized gain or loss. b. What is Max Inc.s basis in the new apartment building it receives?

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