Question: Mayfair Corporation exchanges a machine with a fair market value of $15,000 and an adjusted basis of $10,000 for land in Nevada with a fair

Mayfair exchanges a machine with a fair market value of $15,000 and an adjusted basis of $10,000 for land in Nevada with a fair market value of $15,000. Does Mayfair have a recognized gain on the exchange? Explain.

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