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What is charles recognized gain

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Reference no: EM132965872

Problem - Brian Bush and Charles Chex exchange business machines. Brian gives Charles a machine with a basis of $3,500 (fair market value $3,000) plus $2,000 in cash. Charles gives Brian a machine with a basis of $4,000 and a fair market value of $5,000. What is Charles's recognized gain?

a. $2,000

b. $500

c. $1,000

d. $0

Reference no: EM132965872

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