Matthew exchanges an investment apartment building for a parcel of land. The apartment building has a fair market value of $80,000 and an adjusted basis of $95,000. The land's value is $60,000. Matthew receives $20,000 cash in the exchange. What is Matthew's recognized gain or loss) on the exchange and his basis in the land? Gain Loss) Recognized Basis

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The Answer of Matthew exchanges an investment apartment building for a parcel of land. The apartment building has a fair market value of $80,000 and an adjusted basis of $95,000. The land's value is $60,000. Matthew receives $20,000 cash in the exchange. What is Matthew's recognized gain or loss) on the exchange and his basis in the land? Gain Loss) Recognized Basis

Matthew Exchanges an Investment Apartment Building for a Parcel of Land