1) During 2022, Fred Good traded land used solely in his construction business for another track of land that will also be used in his business. On the date of the trade, the land traded had an adjusted basis of $396,000 and a fair market value of $430,000. He received in exchange $10,000 in cash and land worth $420,000 in the transaction. What amount of gain, in any, should Mr. Good report on his 2022 tax return?