Frank gave Betty real estate with a basis of $100,000 and marketable securities with a basis of $20,000. In exchange, Betty gave Frank real estate with a basis of $240,000 and worth $300,000. The value of the marketable securities is $33.500 and the transaction qualifies as a like-kind exchanges.

1, How much gain must Frank recognize on this like-kind exchange?

$0 ,/ 13,500 / 33,500 / 60,000 / 180,000

2. how much gain must Betty recognize on this like-kind exchange?

$0 ,/ 13,500 / 33,500 / 60,000 / 180,000

3. What basis will Frank take in the like-kind asset he receives in the exchange?

$0 ,/ 13,500 / 33,500 / 60,000 / 180,000