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What is millers realized gain or loss

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Reference no: EM132881388

Question - Miller Company owns undeveloped land (basis of $225,000) that it exchanges for $50,000 cash and an office building (FMV $280,000) to be used in the business.

a. What is Miller's realized gain or loss?

b. Its recognized gain or loss?

c. Its basis in the office building?

Reference no: EM132881388

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