24. Jalapeno Company trades in its old delivery van for a new delivery van. The old van cost $22,000 and has an adjusted basis of $15,000. Jalapeno is given a $13,000 trade-in allowance on the new van and pays the remaining $14,000 of the $27,000 purchase price in cash.

a. What is Jalapeno's realized gain or loss on the exchange?

b. How much of the realized gain or loss is recognized on the exchange?

c. How much of the realized gain or loss is deferred?

d. What is he bais of the new delivery van?

26. Beaver Corporation owns a parcel of land with a fair market value(FMV) of $75,000 and a basis of $40,000. Beaver exchanges the land for a building with an FMV of $65,000. The corporation also receives $10,000 in cash. Both properties are investment properties for Beaver.

a. What is Beaver's amount realized on the exchange?

b. What is Beaver's realized gain or loss on the exchange?

c. How much of the realized gain or loss on the exchange?

d. What is he character of the recognized gain or loss?

e. What is Beaver's basis in the building it acquired?