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Raymond exchanges a rental lake house with an adjusted basis of 200,000 and fair market value of 320,000 for a rental beach house with a fair market value of 290,000 and 30,000 cash what are the recognized gain or loss and the basis of the beach house?
a-o gain and 230,000 basis
b-30,000 gian and 200,000 basis
c-30,0000 gain and 230,000 basis
d-120,000 gain and 320,000 basis

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9413877

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