During 2021, Van Industries exchanges land with Frat Corporation. Vans adjusted basis in land is $740,000 and the land Frat provides has a fair market value of $700,000 and an adjusted basis of $660,000. a. What are the realized and recognized gains to Van? b. If Frat also pays $80,000 cash to Van, what are the realized and recognized gains to Vans? What is Vans basis in the acquired land?

Will you please show the work I am lost on this one. Thanks! c. If Formit instead assumes a $100,000 recourse loan on Vees land, what are the realized and recognized gains to Vee? What is Vees basis in the acquired land?