Question: Question 2 Corporation exchanges a warehouse located in Maine ( adjusted basis of ( $ 5 6 0 , 0 0 0

Question 2
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 Corporation's recognized gain or loss?
What is the Corporation's basis in the like-kind property received?
Question 2 Corporation exchanges a warehouse

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