Show transcribed image text Ken exchanges a business use machine with a fair market value of $200,00

Show transcribed image text Ken exchanges a business use machine with a fair market value of $200,000 and an adjusted basis of $225,000 for like-kind property with a fair market value of $180,000 and cash of $20,000. What is Ken’s recognized gain or loss?Debra, a farmer, has the following events occur during the tax year. Which of the events qualify as an involuntary conversion under 1033 (nonrecognition of gain from an involuntary conversion)