Maude exchanges a business machine for a new business machine. The adjusted basis of the old machine is $62,000 and the fair market value of the new machine is $70,000. The recognized gain or loss and the basis of the new machine is:
A. $0 and $0
B. $0 and $62,000
C. $0 and $70,000
D. $8,000 and $70,000
E. none of the above
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