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General Corporation owns equipment which cost $70,000 and has a $44,000 adjusted basis. General exchanges the equipment for other equipment ($42,000 FMV) and marketable securities ($30,000 FMV). Determine the following:
a. Realized gain
b. Recognized gain
c. Gain treated as ordinary income
d. Gain treated as Sec. 1231 gain
e. Basis of marketable securities received
f. Basis of equipment received
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