Patrick exchanges an office building with a basis of $35,000, FMV $80,000, for heavy machinery...
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Accounting
Patrick exchanges an office building with a basis of $35,000, FMV $80,000, for heavy machinery with a FMV of $60,000. Patrick also receives $20,000 in cash.
A. Patricks Recognized Gain:
B. Patricks Basis in Heavy Machinery:
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