A taxpayer is trading in an automobile used solely for business purposes for another automobile to be used in his business. The automobile originally cost USD35,000 and he has taken USD18,000 in depreciation. The old automobile is currently worth USD20,000 and the new automobile the taxpayer wants in exchange is worth USD22,000. The taxpayer is also assuming a liability secured by the new auto of USD2,000. What is the gain or loss realized by the taxpayer on this transaction?
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