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Zak and Vira exchange qualifying like-kind real property
-Z to V:
Basis = $25,000;
FMV $40,000-V to Z: Basis = $20,000;
FMV $30,000- Vira also transfers securities to Zak: Basis = $7,000;
FMV = $10,000
Problem 1: How much is Zak and Vira's realizedand recognized gains? What is their basis in their new assets?
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Monthly payroll
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