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What is the realized gain on the exchange to ABC Company

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Question - XYZ Company enters into an exchange transaction with LMN Company. XYZ Company exchanges a building from one of its retail locations to LMN Company and ABC receives land to develop an amusement park. The building from ABC has a FMV of $475,000 and an original purchase price of $400,000 and depreciation taken of $60,000. The land from LMN has a basis and FMV of $375,000 and they give $100,000 cash to ABC.

What is the realized gain on the exchange to ABC Company?

Reference no: EM132546744

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