Flash Thompson exchanged land with an FMV of $74,500 and an adjusted basis of $40,000 for land with an FMV of $59,500. Flash also paid with securities with a FMV of $5,000 and an adjusted basis of $3,100 and received an automobile worth $20,000. What is Flash’s realized gain, recognized gain and basis in the property received?

Answer rating: 100% (QA)

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