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AOrange Corporation Exchanges a Warehouse Located in Michigan (Adjusted Basis

Question 41

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a.Orange Corporation exchanges a warehouse located in Michigan (adjusted basis of $560,000)for a warehouse located in Ohio (adjusted basis of $450,000; fair market value of $525,000).Indicate the amount of gain or loss that is recognized by Orange Corporation on the exchange,and the basis of the warehouse acquired.
a.Orange Corporation exchanges a warehouse located in Michigan (adjusted basis of $560,000)for a warehouse located in Ohio (adjusted basis of $450,000; fair market value of $525,000).Indicate the amount of gain or loss that is recognized by Orange Corporation on the exchange,and the basis of the warehouse acquired. a.Orange Corporation exchanges a warehouse located in Michigan (adjusted basis of $560,000)for a warehouse located in Ohio (adjusted basis of $450,000; fair market value of $525,000).Indicate the amount of gain or loss that is recognized by Orange Corporation on the exchange,and the basis of the warehouse acquired.

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