Determine the realized gain or loss, the recognized gain or loss, and the basis of the equipment received for the following like-kind exchanges:

Basis of Equipment Exchanged FMV of Boot received FMV of Equipment Received

$20,000 0 85,000

45,000 14,000 70,000

60,000 25,000 65,000

70,000 38,000 60,000

90,000 22,000 55,000