1.Que purchased land for $21,000 by paying $16,000 and signing a mortgage for $5000.Over a year later Quetradesthat landfor a new piece of land worth $26,000.The otherpartybuyerassumesQue'smortgage.How much if any gain doesQuerealize on the swap?

2.Que'smortgage of $4,000 is assumed andQuereceives land worth $26,000.DoesQuerecognize gain on the swap and if so,how much is it?

3.Quebuys the land for $16,000 and signs a mortgage for $4,000.Later Queswaps the land for new land worth $30,000 that is subject to a $3,000 mortgage.Does Que recognize gain on the transaction and ifso,how much?

4.What is Que'sadjusted basis andholding period in the new land?

5.Show the formula to determine gain or loss realized and recognized on a sale or exchange of property.

6.Show the formula used to determine Que's basis in the land received in question 18.