Solved: What is eunice jeans recognized gain, Accounting Basics

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What is eunice jeans recognized gain

Question: Eunice Jean exchanges land held for investment located in Rolla, Missouri, for land to be held for investment located near Madrid, Spain. Her basis for the land given up is $250,000 and the fair market value of the land received is $350,000. Eunice Jean also receives cash of $15,000.

1) What is Eunice Jean's recognized gain?

2) What is her basis for the land received?

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