Barbara sells an asset to her wholly-owned corporation. The asset has a basis of ($ 32,000) and

Question:

Barbara sells an asset to her wholly-owned corporation. The asset has a basis of $\$ 32,000$ and a fair market value at the time of the sale of $\$ 27,000$. What is the corporation's recognized gain or loss if it sells the asset for $\$ 30,000$ several years later?

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