for $30$ shares.

a$.$ Determine the realized gain or loss on the exchange for each shareholder.

Dylan: $$|$

Devon: $$35,000$

Ricken: $

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$7$ Check My Work

Correct

b$.$ Determine the recognized gain or loss $($or income$)$ on the exchange for each shareholder.

First, does this exchange meet the exchange requirements? No $$

Dylan: :

Devon: $$35,000$

Ricken: $

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V Check My Work

Correct

c$.$ Determine the basis of each shareholder's stock.

Dylan: $

Devon: $

$$

Ricken: $

$15,000$

$x$

$x$

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$$ Check My Work

Partially correct

d$.$ Determine Lemon's basis in the land.

$ $,x$