I:13-45 Exchange of Sec. 1245 Property Before 2018. Leroy owned a truck used in his trade or business that cost $50,000 and had an adjusted basis of $34,000 in 2016 when the truck was exchanged for a new truck that was like-kind property with a FMV of $40,000. Prior to selling the new truck in 2022, Leroy was allowed depreciation of $13,000 for the new truck. Determine:

a. Realized gain on the exchange in 2016

b. Recognized gain on the exchange that was a like-kind exchange in 2016

c. Basis of truck received in 2016

d. Recognized gain, and the character of the gain, if the sales price of the truck is $41,000

e. Recognized gain, and the character of the gain, if the sale price of the truck is $52,000

f. If the exchange had occurred during the current year instead of 2016, determine the recognized gain and the basis of the new truck.