15.41 Like-Kind Exchange. T transferred his farmland (100% business) to V in exchange for a parcel of unimproved urban real estate held by V as an investment. The farm was valued at $400,000 and was subject to a mortgage obligation of $260,000. T's basis in the farm was $340,000. The urban real estate was valued at $450,000 and was subject to a mortgage of $310,000. a. How much gain must T recognize on this exchange? b. What is T's basis in the urban real estate received? 15-42 Like-Kind Exchange. Refer to Problem 15-41. Assume that V had a basis of $360,000 in the urban real estate transferred to T. a. How much gain must V recognize on the exchange? b. What is V's basis in the farm property received