20 Part 2 0.25 po Required information Problem 11-56 (LO 11-6) (Algo) The following information applies to the questions displayed below) Kase, an individual, purchased some property in Potomac, Maryland, for $158.000 approximately 10 years ago Kase is approached by a real estate agent representing a client who would like to exchange a parcel of land in North Carolina for Kase's Maryland property Kase agrees to the exchange What is Kase's realized gain or loss, recognized gain or loss, and basis in the North Carolina property in each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Leave no answers blank, Enter zero if applicable) ook Hint Problem 11-56 Port-a (Algo) AR a. The transaction qualities as a like kind exchange and the for market value of each property $740,000 to Beleda Recogida Adposted in property . 21 o Part 2 of 2 25 Sort Required information Problem 11-56 (LO 11-6) (Algo) [The following information applies to the questions displayed below) Kase, an individual, purchased some property in Potomac, Maryland, for $158,000 approximately 10 years ago, Kase is approached by a real estate agent representing a client who would like to exchange a parcel of land in North Carolina for Kase's Maryland property. Kase agrees to the exchange What is Kase's realized gain or loss, recognized gain or loss, and basis in the North Carolina property in each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable.) Book Hint Problem 11-56 Part-b (Algo) Ask b. The transaction qualifies as a like kind exchange and the fair market value of each property is $119.000 Print Description Amount Recences Adjusted basis in new property