Smith and jones each owns tracts of land because of the

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Smith and Jones each owns tracts of land. Because of the location of their current operations, each would prefer to have the other's land. Smith and Jones agree to exchange tracts. Jones pays Smith $36,000 based upon the following data.

Smith Land Jones Land
Original Cost $270,000 $280,000
Appraised Fair Value $300,000 $264,000
at date of exchange.

Reference no: EM13596660

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