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What is serena recognized gain or loss

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Question - Serena exchanges a rental house in the mountains with an adjusted basis of $180,000 and a fair market value of $160,000 for a rental house at the beach with a fair market value of $148,000 and cash of $12,000. What is Serena's recognized gain or loss?

A. $148,000

B. ($20,000)

C. $0

D. $12,000

Reference no: EM133004189

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