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What is libby recognized gain on the transaction

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Problem 1: Libby exchanges a building she uses in her rental business for a building owned by Randy which she will use in her rental business. The adjusted basis of Libby's building is $80,000 and the fair market value is $125,000. The adjusted basis of Randy's building is $40,000 and the fair market value is $125,000. What is Libby's recognized gain on the transaction and her adjusted basis in the building she receives?

Reference no: EM132822121

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