basis in the land received? 15-29 Like-Kind Exchange. F exchanged undeveloped land worth $45,000 with G for land worth $42,000 and a personal automobile worth $3,000. F's adjusted basis in the land was $36,000. G's adjusted bases in the land and automobile were $39,500 and $2,500, respectively. a. How much gain or loss must F recognize in this exchange, and what are his bases in the land and automobile received? b. How much gain or loss must G recognize in this exchange, and what is her basis in the land received? mont on