2. Determine the recognized gain (loss) and the basis of the new asset acquired in the following like-kind exchanges: Adjusted Basis FMV of Gain (Loss) Basis of Boot Given Boot Received of Old Asset New Asset Recognized New Asset $30,000 $34,000 $2,000 So $42,000 $o $46,000 $4,000 $35,000 So $34,000 $5,000 $50,000 $5,000 $52,000 $0 $30,000 $0 $24,000 $4,000