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What is Tom recognized gain

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Question - Tom Tanner traded in a business building with an adjusted basis of $200,000 for a smaller building valued at $120,000. In addition to the smaller building, Tom received $30,000 in cash and was relieved of the existing liability on the old building of $50,000. What is Tom's recognized gain?

a. $48,000

b. $80,000

c. $30,000

d. $50,000

e. $0

Reference no: EM132766733

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