Business, 06.12.2019 02:31 superfly903

Lewis company traded machinery with a book value of $950,000 and a fair value of $900,000. it received in exchange from timmons company a machine with a fair value of $1,000,000. lewis also paid cash of $100,000 in the exchange. timmons’s machine has a book value of $950,000. what amount of gain or loss should lewis recognize on the exchange (assuming lack of commercial substance)?

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