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What is the amount of gain to be recognized by Black

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Question - Black Inc.-1 owned a business parking lot with an adjusted basis of $100,000 and FMV of $140,000. Black traded the parking lot for a smaller parking lot. This is a like-kind exchange.

Value land given by Black $140,000

Basis of land given by Black $100,000

Cash received by Black $30,000

Value of land received by Black $110,000

Total value received by black $140,000

Required - What is the amount of gain to be recognized by Black, if any?

Reference no: EM132534163

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