Assume the same facts as in I:12-36 except Cindy sells the duplex to a nonrelated individual more than two years after the exchange with Bob. Ignore any changes in adjusted basis due to depreciation that would have occurred after the exchange. Determine:
a. Bob’s realized and recognized gain on the exchange.
b. Cindy’s realized and recognized gain on the exchange.
c. Cindy’s realized and recognized gain on the sale.