4. Ashley R (AR), a noncorporate taxpayer with a 30% ordinary tax rate, exchanged residential rental property plus $15,000 cash for 20 acres of investment land with a $200,000 FMV. AR used the straight-line method to compute depreciation on the rental property. A. Assuming that ARs exchange was negotiated at arm's length (i.e., fairly and with respect to all laws), what is the FMV of the rental property? B. If the adjusted basis of the rental property is $158,000 (original cost = 168,000; depreciation = 10,000), compute AR's realized and recognized gain. What is the character of the recognized gain? = C. Compute AR's basis in the 20 acres of investment land. D. Now imagine AR just sold the rental for cash. State the gain/loss, its character, and the tax paid (worth a bit more)