Question: Thomas exchanges a business storage facility with a $120,000 adjusted basis for $40,000 cash and a parking lot with a $140,000 FMV. Identify on

Thomas exchanges a business storage facility with a $120,000 adjusted basis for $40,000 cash and a parking

Thomas exchanges a business storage facility with a $120,000 adjusted basis for $40,000 cash and a parking lot with a $140,000 FMV. Identify on the exchange: 1. Adjusted Basis 2. Amount Realized 3. Gain realized 4. Gain recognizes 5. Value of boot received

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