1. Metro Corp. traded Land A for Land B. Metro originally purchased Land A for $50,000 and Land A 's adjusted basis was $50,000 at the time of the exchange. What is Metro's realized gain or loss, recognized gain or loss, and adjusted basis in Land B in each of the following alternative scenarios? a. The fair market value of Land A and of Land B is $60,000. The exchange qualifies as a like-kind exchange 1 b. The fair market value of Land A is $35,000 and LandB is valued at $60,000. Metro exchanges Land A and $5,000 cash for Land B. Land A and Land B are like-kind property. c. The fair market value of Land A is $45,000 and Metro trades Land A for Land B valued at $60,000 and $5,000 cash. Land A and Land B are like-kind property