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Elizabeth exchanges her retail storage assets for retail displays.In this like-kind exchange,Elizabeth receives $2,000 in cash.The storage assets have a fair market value of $12,000 and Elizabeth's basis in the assets is $3,000.The displays have a fair market value of $10,000 and a basis of $8,000.What is Elizabeth's realized gain on the exchange?
Exchange Rate
The rate at which one currency can be exchanged for another currency.
Canadian Dollar
The official currency of Canada, abbreviated as CAD.
Samurai Bond
A Japanese yen-denominated bond issued in Japan by a non-Japanese entity.
Japan
A country located in East Asia, known for its rich culture, technological advancements, and economic significance.
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