Determine the recognized gain (loss) and the basis of the new asset acquired in the following like-kind exchanges: a.) Adjusted Basis of Old Machine: $30,000; Boot Given: $2,000; Fair Market Value of New Asset: 34,000; Boot Received: $0 b.) Adjusted Basis of Old Machine: $42,000; Boot Given: $0; Fair Market Value of New Asset: $46,000; Boot Received: 4,000 c.) Adjusted Basis of Old Machine: $35,000; Boot Given: $0; Fair Market Value of New Asset: $34,000; Boot Received: $5,000 d.) Adjusted Basis of Old Machine: $50,000; Boot Given: $5,000; Fair Market Value of New Asset: $52,000; Boot Received: $0 e.) Adjusted Basis of Old Machine: $30,000; Boot Given: $0; Fair Market Value of New Asset: $24,000; Boot Received: $4,000

2. Determine the recognized gain (loss) and the basis of the new asset acquired in the following like-kind exchanges: Adjusted Basis FMV of Boot Given of Old Asset Boot Received Gain (Loss) Basis of New Asset Recognized New Asset $30,000 $2,000 $34,000 $0 $42,000 $0 $46,000 $4,000 $35,000 $0 $34,000 $5,000 $50,000 $5,000 $52,000 $0 $30,000 $0 $24,000 $4,000