Question: Determine the realized gain or loss, the recognized gain or loss, and the basis of the equipment received for the following like-kind exchanges: Basis of

Determine the realized gain or loss, the recognized gain or loss, and the basis of the equipment received for the following like-kind exchanges:

Basis of Equipment Exchanged FMV of Boot Received FMV of Equipment Received S20,000 S 0 S85,000 45,000 14,000 70,000 60,000 25,000 65,000 70,000 38,000 60,000 90,000 22,000 55,000

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