1.For the following like-kind exchange transactions, determine:

• The amount of realized gain or loss
• The amount of recognized gain or loss
• The basis of the land received

Basis of Land ExchangedFMV of Boot ReceivedFMV of LandReceived$225,000$-0-$500,000$465,000$140,000$550,000$675,000$350,000$700,000$800,000$250,000$600,000$1,000,000$125,000$750,000

2. Susan's farm, which was used in her business, was destroyed in a fire. Susan's adjusted basis in the farmwas $525,000, andtheFMV was $1,000,000. Susanfiled an insurance claim and was reimbursed $1,000,000. In that same year, Susanrebuilt the farm using $950,000 of the insurance proceeds. Assuming the proper election is made to defer gain,calculate Susan's basis in the rebuilt farm.

3.Sandy owns a buildingwhich she uses in her manufacturing business with an adjusted basis of $375,000 and a $800,000 fair market value.She exchanges her building with a building owned by Mitch.Mitch'sbuilding has a $1,050,000 fair market value and is subject to a mortgage of $250,000 which Sandy assumes as part of the transaction.Calculate Sandy's:(1) realized gain, (2) recognized gain, & (3) basis for the buildingreceived.

4.Sam and Willexchange landin a qualified like-kind exchange.Sam's basis in his land is $250,000 and the fair market value is $525,000.Will's basis in his land is $375,000 and the fair market valuevalue is $650,000, subject to a mortgage of $100,000.As a part of the exchange, Sam assumes the mortgage andpays Will $25,000 cash.What is Will's recognized gain and adjusted basis for the landreceived?