I:12-27 Like-Kind Exchange: Boot. Determine the realized gain or loss, the recognized gain or loss, and the basis of the land received for the following like-kind exchanges:

Basis of Land Exchanged FMV of Boot Received FMV of Land Received

$20,000 $ –0– $85,000 45,000 14,000 70,000 60,000 25,000 65,000 70,000 38,000 60,000 90,000 22,000 55,000