Business, 19.10.2021 08:10, daltondespain2

Reuben Kincaid exchanged his fully depreciated business-use condominium with a fair market value (FMV) of $93,000 and $9,000 cash for an office building. The FMV of the office building at the time of the exchange was $102,000. What is Reuben's gain realized and the gain recognized on the exchange?

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Reuben Kincaid exchanged his fully depreciated business-use condominium with a fair market value (FM...