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What is sallys and lisas realized and recognized gain

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Reference no: EM132466646

sally has a property with FMV $100, basis $60.

Lisa has property with FMV $100, basis $110

Question 1: Sally and lisa exchange properties.

Question 2: What is Sally's and Lisa's realized and recognized gain/loss?

Question 3: What is Sally's and Lisa's basis in her new property?

Reference no: EM132466646

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