Marvin exchanged real property used for his printing business for new real property. The adjusted basis of
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Marvin exchanged real property used for his printing business for new real property. The adjusted basis of the real property he gave up was $15,000. The new real property had a fair market value of $8,000, and Marvin received $8,000 in cash. What is Marvin’s basis in the new real property, and how much gain must Marvin recognize on the transaction?
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Related Book For 
South-Western Federal Taxation 2022 Essentials Of Taxation Individuals And Business Entities
ISBN: 9780357519431
25th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young, David M. Maloney
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