1. In 2023, Arthur exchanged his business building located in New York City for another like-kind building in New Jersey. The adjusted basis of his building in New York City was $700,000. The fair market value of his new building in New Jersey is $1,200,000. He also received $40,000 in cash. How much, if any, of his realized gain does Arthur have to recognize in 2023 ? $0 $500,000? $40,000 $700,000 2. Coline has the following capital gain and loss information for 2023 : will Coline treat these on her 2023 tax return? She cannot net them together but must report them separately. She will report a $12,000 net short term capital gain because she can only deduct $3,000 of the log term capital loss. After netting the two numbers, she will report a $5.000 net short term capital gain taxed at ordinary income rates. She will report a $15,000 net short term capital gain and carryover the $10,000 net long term capital loss an's grocery store was destroyed by a fire in 2023. He received $400,000 from his insurance company. ne adjusted basis of the grocery store was $300,000. He bought a new grocery store two months later in 23.5450,000. What is the basis of the new grocery store assuming he elected the Section 1033 voluntary conversion rule