(Answered) Question - debbie davis and elizabeth engels exchanged like

Accounting

Question - Debbie Davis and Elizabeth Engels Exchanged like kind property. Debbie had an adjusted basis of $12,000 in her property (Fair Market value is $15,000). Elizabeths property had an adjusted basis of $9000 and a fair market value of $10,500, and Elizabeth gave Debbie $4500 in cash. Determine Debbies and Elizabeths realized gain of loss, recognized gain or loss and the basis in their new property.

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