AP$8.$ Chase would like to exchange land that he owns $($adjusted basis $$140,000$ and FMV of$$172,000)$ for land in a neighboring county $($adjusted basis $$120,000$ and FMV $$142,000)$ plus cash of $$30,000.$ Assume that the parcels of land are qualified property for treating this as a deferred transaction, and that the cash is boot.

a$.$ What is Chase$$s realized gain?

$32,000$

b$.$ What is Chase$$s recognized gain?

$30,000$

c$.$ What is Chase$$s deferred gain?

$2,000$

d$.$ What is Chase$$s basis in the property received?

$140,000$

e$.$ What is Chase$$s holding period in the new property?