Multiple Choice
Bud exchanges a business use machine with an adjusted basis of $22,000 and a fair market value of $30,000 for another business use machine with a fair market value of $28,000 and $2,000 cash. What is Bud's recognized gain or loss?
A) $0
B) $2,000
C) $6,000
D) $8,000
E) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
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