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What is Justin recognized gain or loss

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    Assignment ID: FG133049184

    Question – Justin exchanges a precision saw that is used in his business for another precision saw. The old precision saw had an adjusted basis of $8,000 and the new precision saw has a fair market value of $29,000. What is Justin’s recognized gain or loss and the basis of the new precision saw?

    $0; $8,000

    $0; $29,000

    $21,000; $8,000

    $21,000; $29,000

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