10. Kase, an individual, purchased some property in Potomac, Maryland, for $140,000 approximately 10 years ago. Kase is approached by a real estate agent representing a client who would like to exchange a parcel of land in North Carolina for Kases Maryland property. Kase agrees to the exchange. The transaction qualifies as a like-kind exchange and the fair market value of each property is $650,000. What is Kases recognized gain or loss?

11.Same facts as the prior question, what is Kases basis in the North Carolina property?