Whitney exchanges timberland held as an investment for undeveloped land with a $300,000 FMV. Whitney's bas the timberland is $150,000. She also transfers her tractor with a $15,000 basis and a $10,000 FMV as part of the ex
a. What is the amount, if any, of gain or loss recognized on the transaction?
b. What is the basis of the undeveloped land?
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