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.

1. 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
2. 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
3. Calculate the total gain or loss on the exchange, the boot, and the sale of the new asset assuming the exchange: Doesn't Qualify Under 1031 and Qualifies Under 1031