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Maud exchanges a beach house that she rents to tourists for

Maud exchanges a beach house that she rents to tourists for a warehouse that she will use in her business. The beach house has an adjusted basis of $210,000 and a fair market value of $220,000. The warehouse has a fair market value of $190,000. Maud also receives $30,000 cash as part of the exchange. Calculate Maud's realized gain (loss). Calculate Maud's recognized gain (loss).

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Accounting Basics: Maud exchanges a beach house that she rents to tourists for

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