A taxpayer has a rental property that has a basis of $$75,000$ and a fair market value of $$750,000.$

The taxpayer wants to defer recognizing that gain on the disposition of that property and the acquisition of a link kind property using section $1031.$ Some one is willing to exchange their property for the taxpayer's property. In the bargain the taxpayer receives a classic car worth $$50,000$ as part of the deal.

What are the tax ramifications of this exchange $($be sure to determine and provide the amount of the taxpayer's adjusted basis in the real property received.

The car will be personal property$)?$