LO.2 Determine the realized, recognized, and postponed gain or loss and the new basis for each of the following like-kind exchanges:

Adjusted Basis of Old Machine Boot Given Fair Market Value of New Asset Boot Received

a. $ 7,000 $ –0– $12,000 $4,000

b. 14,000 2,000 15,000 –0–

c. 3,000 7,000 8,000 500

d. 22,000 –0– 32,000 –0–

e. 10,000 –0– 11,000 1,000

f. 10,000 –0– 8,000 –0–