In April 2018, Amelia exchanges a commercial fishing boat with a $350,000 adjusted basis for a similar boat with
$560,000 fair market value. Both assets are for her business use.
a. What is the amount of gain or loss realized by Amelia?
b. What is the amount of gain or loss recognized by Amelia?

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The Answer of In April 2018, Amelia exchanges a commercial fishing boat with a $350,000 adjusted basis for a similar boat with
$560,000 fair market value. Both assets are for her business use.
a. What is the amount of gain or loss realized by Amelia?
b. What is the amount of gain or loss recognized by Amelia?

In April 2018, Amelia Exchanges a Commercial Fishing Boat with a $350,000