What are the recognized gain or loss and the basis

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Reference no: EM133611462

Question: Raymond exchanges a rental lake house with an adjusted basis of $200,000 and fair market value of $320,000 for a rental beach house with a fair market value of $290,000 and $30,000 cash. What are the recognized gain or loss and the basis of the beach house?

Reference no: EM133611462

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