rosemcclain2736 rosemcclain2736
  • 25-11-2022
  • Mathematics
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Lily exchanges a building she uses in her rental business for a building owned by Kendall, which she will use in her rental business. The adjusted basis of Lily's building is $120,000 and the fair market value is $170,000. Which of the following statements is correct?
Lily's recognized gain is $0 and her basis for the building received is $120,000

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