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Elvera Easton traded in copying equipment with an adjusted basis of $10,000 for other copying equipment valued at $6,000. She also received $2,500 in cash, and her mortgage of $3,000 on the traded copying
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Elvera Easton traded in copying equipment with an adjusted basis of $10,000 for other copying equipment valued at $6,000. She also received $2,500 in cash, and her mortgage of $3,000 on the traded copying equipment was wiped out. What is her recognized gain on this exchange, if any

User Ebru Gulec
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Answer:

It would be $0

User WPFNoob
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