Blake and Gwen exchange warehouses in a transaction that qualifies as a like$-$kind exchange. As part of

the transaction, Gwen gives Blake a car. In addition, Gwen agrees to assume a $$16,000$ liability attached

to the warehouse that is transferred by Blake. The details of the property exchanged are as follows:

Blake Gwen

Property Surrendered: Property Surrendered:

Warehouse Warehouse Car

Market Value $ $135,000$ Market Value $ $99,000$ $ $20,000$

Adj. Basis $104,000$ Adj. Basis $96,00025,000$

Do

Answer the following questions showing your computations using good form.

a$.$ How much is Blake$$s realized gain or loss?

b$.$ How much is Blake$$s recognized gain or loss?

c$.$ How much is Blake$$s basis in the warehouse received?

d$.$ How much is Blake$$s basis in the car received