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Elaine exchanges a van that is used exclusively for business purposes for another van that also is to be used exclusively for business. The adjusted basis for the old van is $ 18,000, and its FMV is $ 14,500.

a. find out Elaine's recognized gain or loss on the exchange.

b. find out Elaine's basis for the van she receives.

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  • Reference No.:- M938191

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