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Michael traded in office equipment with an adjusted basis of $50,000 (and value of $60,000) for other (like-kind) office equipment then valued at $40,000. Michael also received $20,000 in cash as part of the deal. What was Michael's recognized gain on the exchange, if any?

a. $60,000

b. $20,000

c. $10,000

d. $0

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