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What amount of gain should be recognized in ricky income

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Question - Ricky exchanged Commerical real estate that he owned other commercial real estate plus cash of $40,000. The following additional information pertains to this transaction.

Property given up by Ricky

FMV $500,000

Adjusted Basis $300,000

Property received by Ricky

FMV $460,000

What amount of gain should be recognized in Ricky's income tax return for the exchange?

Reference no: EM132979120

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