Firm M exchanged an old asset with a $10,700 tax basis and a $28,000 FMV for a
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Question:
Firm M exchanged an old asset with a $10,700 tax basis and a $28,000 FMV for a new asset worth $22,000 and $6,000 cash.
Required:
1. If the exchange is nontaxable, compute Firm M's realized and recognized gain and tax basis in the new asset.
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