Bobby exchanged an asset that has a basis of $50,000 and a fair market value of $75,000 plus boot that has a basis of $10,000 and a fair market value of $12,000 for a new asset. A. Calculate the gain or loss on the exchange and the basis of the new asset assuming the exchange: Doesn't Qualify Under $1031 and Qualifies Under $1031 B. The new asset is sold in 5 years for $65,000. Calculate the gain or loss on the sale assuming the exchange: Doesn't Qualify Under $1031 and Qualifies Under $1031