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What is Arlington recognized gain or loss on the exchange

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Reference no: EM133117818

Question - Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the land it exchanged for $32,500. The new land had a fair market value of $37,250. Arlington also received $6,500 of office equipment in the transaction. What is Arlington's recognized gain or loss on the exchange?

Reference no: EM133117818

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