I:12-30 Like-Kind Exchange: Liabilities. Helmut exchanges his apartment complex for Heidi’s farm, and the exchange qualifies as a like-kind exchange. Helmut’s adjusted basis for the apartment complex is $600,000 and the complex is subject to a $180,000 liability. The FMV of Heidi’s farm is $770,000 and the farm is subject to a $100,000 liability. Each asset is transferred subject to the liability. What is Helmut’s recognized gain and the basis of the new farm?