Frank Cortez's business property with an adjusted basis of $160,000 is condemned by local authorities. He receives a $240,000 condemnation award.

1. What would be Frank's realized and recognized loss?

2. What is Frank's realized and recognized gain or loss if he purchases qualified replacement property for $230,000? What would be Frank's basis in the new property?

3. What is Frank's realized and recognized gain or loss if he purchases replacement property for $270,000? What is Frank's basis in the new property?

4. What is Frank's realized and recognized gain or loss and the basis in the new property if the condemnation award is $140,000 and the replacement property costs $210,000?