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How much gain should Fred recognize on the exchange

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Problem - Fred and Sarajane exchanged land in a qualifying like-kind exchange. Fred gives up land with an adjusted basis of $12,000 (fair market value of $15,000) in exchange for Sarajane's land with a fair market value of $13,000 plus $2,000 cash. How much gain should Fred recognize on the exchange?

a. $3,000

b. $2,000

c. $1,000

d. $0

e. None of the above

Reference no: EM132703154

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