Jack and Jill exchange like-kind real estate assets as listed below:   Jack's old asset: FMV $50,000; Adjusted Taxable Basis $23,000 Jill's old asset: FMV $70,000; Basis $55,000   If Jack pays Jill cash of $20,000 plus Jack's old asset, how much gain must Jill recognize on this transaction? $5,000 $10,000 $15,000 $20,000

Q: 19.

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