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Rashida exchanges land used in her business for another parcel of land. The adjusted basis...

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Accounting

Rashida exchanges land used in her business for another parcel of land. The adjusted basis for her land is $32,000. The land she will receive has a fair market value of $33,000. In addition, Rashida receives cash of $4,000.

a. Calculate Rashidas realized and recognized gain or loss.

b. Calculate Rashidas basis for the assets she received.

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