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The old press had an adjusted basis of 5000 and the new

Question - Kahil exchanges a press that is used in his business for another press. The old press had an adjusted basis of $5,000 and the new press has a fair market value of $30,000. What is Kahil's recognized gain or loss and the basis of the new press?

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Accounting Basics: The old press had an adjusted basis of 5000 and the new

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Accounting Basics: The old press had an adjusted basis of 5000 and the new

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