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Cassie owns equipment ($45,000 basis and $30,000 FMV) and a building (S152,000 basis and $158,000 FMV), which are used in Cas
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Answer #1

Answer is Option b.

As the equipment value is $45000 said and FMV is $30000 there will be an ordinary loss of $15000.

As the building value is $152000 basis and $158000 FMV there will be an ordinary gain of $5000.

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