Bob owns a duplex used as rental property. The duplex has a basis of $86,000 and $300,000 FMV. He transfers the duplex to Cindy, his sister, in exchange for a triplex that she owns. The rplex has a basis of $279,000 and a $300,000 FMV. Two months after the exchange, Cindy sells the duplex to a business associate for $312.000 Requirements Determine a. Bob's realized and recognized gain on the exchange b. Cindy's realized and recognized gain on the exchange. 300000 86000 CIUD 214000 Determine Bob's recognized gain on the exchange. The recognized gain is Requirement b. Determine Cindy's realized and recognized gain on the exchange (with Bob). Begin with the realized gain. First identify the formula, then enter the applicable amounts and calculate the realized gain Amount realized (Cindy) 300000 Adjusted basis (triplex) 279000 Realized gain 21000 Determine Cindy's recognized gain on the exchange (with Bob). The recognized gain is Determine Cindy's realized gain on the sale of the duplex. First identify the formula, then enter the applicable amounts and calculate the realized gain Determine Cindy's recognized gain on the the sale of the duplex The recognized gain is Realized gain