Header: Ren exchanges Florida land held for investment (adjusted basis $400,000, FMV $520,000) for Georgia investment land worth $470,000 and $50,000 cash. Assume the exchange is a qualified like-kind exchange. Part 1: What is Ren's realized gain? 0 Part 2: What is Ren's recognized gain? 0 Part 3: What is Ren's tax basis in the newly acquired Georgia land? 400000

Header: Ren exchanges Florida land held for investment (adjusted basis $400,000, FMV $520,000 ) for Georgia investment land worth $470,000 and $50,000 cash. Assume the exchange is a qualified like-kind exchange. Part 1: What is Ren's realized gain? Part 2: What is Ren's recognized gain? Part 3: What is Ren's tax basis in the newly acquired Georgia land