a. Fred makes a great deal and exchanges a tractor with a basis of $30,000 and a fair market value of $50,000 for a tractor worth $50,000 and $10,000 in cash.How much gain will he have on this exchange and what is the basis of the new tractor?

b.Fred makes a great deal and exchanges a pasture with a basis of $300,000 and a fair market value of $500,000 for a neighboring pasture worth $600,000and he also gives the neighbor $50,000 as part of the exchange.How much gain will he have on this exchange and what is the basis of the new pasture?