I:12-34 Like-Kind Exchange: Related Parties. Assume the same facts as in I:12-33 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.