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Molly exchanges a small machine (adjusted basis of $85,000; fair market value of $78,000) used in her business and investment land (adjusted basis of...

Molly exchanges a small machine (adjusted basis of $85,000; fair market value of $78,000) used in her business and investment land (adjusted basis of $10,000; fair market value of $15,000) for a large machine (fair market value of $93,000) to be used in her business in a like-kind exchange. What is Molly’s recognized gain or loss?


a. $0.

*b. $5,000.

c. ($2,000).

d. ($7,000).

e. None of the above.

  how to calculate this question

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4 comments
  • could you please show the counting process
    • pli41
    • Dec 04, 2016 at 11:05am
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    • discover298
    • Dec 04, 2016 at 11:07am
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    • discover298
    • Dec 04, 2016 at 11:08am

Hello? This question requires much attention and follows up. I am currently working on... View the full answer

1 comment
  • Ok thank you
    • pli41
    • Dec 05, 2016 at 5:32pm

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