Question: Bob exchanged a building for another building on April 3, 2023. The adjusted basis of his building was $320,000. He also gave $50,000 cash. He

Bob exchanged a building for another building on April 3, 2023. The adjusted basis of his building was $320,000. He also gave $50,000 cash. He received a building with a fair market value of $450,000. How much gain or loss must he recognize on the exchange? $80,000 gain $0 $50,000 loss $50,000 gain

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