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Linda_us
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Tim had an old machine (used in his business) which he paid

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Tim had an old machine (used in his business) which he paid $25,000 for. Its adjusted basis is now $10,000. He exchanged the old machine for a new one with a fair market value of $10,000 plus $2,000 in cash.

a) What is his realized and recognized gain or loss?
b) What is the basis of the new machine?
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