complete part a-d

- If Steve sells the parcel of land, the sale would have resulted in the realized gain being postponed. If Steve sells the parcel of land, the recognition of gain permits him to have a higher basis for the new parcel of land. - If Steve sells the parcel of land, he may have some losses with which he can offset the recognized gain. - If Steve exchanges the parcel of land instead of selling it, the exchange would result in a nondeductible loss. d. Assume the facts in part (a) except the adjusted basis of Steve's original parcel of land is $15,000 and the fair market value of both parcels of land is $12,000. What are Steve's realized and recognized gain or loss on the sale of real estate? What is Steve's basis for the land Steve acquires from Joan