Gain or loss-basis in new property

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Debbie Davis and Elizabeth Engels exchanged like-kind property. Debbie had an adjusted basis of $12,000 in her property (fair market value is $15,000). Elizabeth's property had an adjusted basis of $9,000 and a fair market value of $10,500, and Elizabeth gave Debbie $4,500 in cash.

Determine Debbie's and Elizabeth's realized gain or loss, recognized gain or loss, and the basis in their new property.

Reference no: EM13120873

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