In an otherwise qualifying like-kind exchange, Sam Smith trades property (FMV $80,000, basis $40,000) in exchange for
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Question:
In an otherwise qualifying like-kind exchange, Sam Smith trades property (FMV $80,000, basis $40,000) in exchange for like kind property worth $60,000 and cash of $20,000. How much income, if any, will Taxpayer recognize?
A. $50,000
B. 20,000
C. O
D. 30,000
E. None of the above
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