Question: Corporation exchanges a warehouse located in Maine ( adjusted basis of $ 5 6 0 , 0 0 0 ) for a warehouse located in

Corporation exchanges a warehouse located in Maine (adjusted basis of $560,000) for a warehouse located in Vermont (adjusted basis of $450,000; fair market value of $525,000). Corporation also received $100,000 in cash. Use parentheses if the amount is a loss. Omit dollar signs and commas. What is the Corporations recognized gain or loss? 65000 What is the Corporations basis in the like-kind property received?

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