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Determine Debbie and Elizabeth realized gain or loss

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Question - Debbie Davis and Elizabeth Engels exchanged like-kind business buildings. Debbie had an adjusted basis of $120,000 in her property (fair market value is $150,000). Elizabeth's property had an adjusted basis of $90,000 and a fair market value of $105,000, and Elizabeth gave Debbie $45,000 in cash. Determine Debbie's and Elizabeth's realized gain or loss, recognized gain or loss, and the basis in their new property.

Reference no: EM132698404

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