1031 and 1033 EXERCISE In the following 1031 exchanges, calculate the realized gain or loss on the exchange, the recognized gain or loss on the exchange, and the adjusted basis of the like-kind property received. Adj. Basis FMV of Adj. Basis of Property Boot Property Boot Realized Recognized of Property Traded | Given | Received (Received Gain(Loss) Gain(Loss) Received 30,000 15,000 | 50,000 25,000 60,000 15, 000 - 13, 000114, 000 10,000 2,500 17,500 35,000 25,000 6,000 In the following 1033 involuntary conversions, calculate the realized gain or loss from the casualty, the recognized gain or loss from the casualty, and the adjusted basis of the replacement property purchased. Adj. Basis Insurance Adj. Basis of Property Proceeds Amount Realized Recognized lof Property Destoyed Received Reinvested Gain(Loss) Gain(Loss) | Purchased 350,000 400,000 425,000 375,000 625,000 500,000 525, 000 475,000 | 500,000