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If Clark Kelly has recognized gain on an exchange of like-kind property held for investment use, where does Clark report the gain? First on Form

If Clark Kelly has recognized gain on an exchange of like-kind property held for investment use, where does Clark report the gain? First on Form 8824, then carried to Schedule D. First on Form 8824, then carried to Form 4797. First on Form 4797, then carried to Form 8824. First on Schedule D, then carried to Form 8824.

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