(TCO 10) John exchanged an old asset with an $18,000 adjusted basis plus $2,000 for a new asset with a $32,000
(TCO 10) John exchanged an old asset with an $18,000 adjusted basis plus $2,000 for a new asset with a $32,000
fair market value. Compute the amount of John’s recognized gain if the new and old assets are like-kind properties.
$0
$2,000
$14,000
$12,000
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