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3) Computation Eleanor exchanged Lakefront land held for investment for a parcel Mountaintop land. Eleanor intends to hold the Mountaintop land for investment as well. Eleanor's basis in the Lakefront property is $80,000. It is subject to a mortgage of $40,000 (which the acquirer, Fenton, assumes).In order to obtain Eleanor's property, Fenton transferred the Mountaintop property (worth $200,000). The Mountaintop property was subject to a mortgage of $25,000. Fenton's basis in the property was $110,000. In addition, Fenton transferred stock with a fair value of $50,000 (basis of $65,000). Fenton held the Mountaintop property for business, but intends to hold the Lakefront property for investment Required: a) Briefly (1-2 sentences) explain how Eleanor and Fenton will report this exchange for federal tax purposes. List the authorities on which you rely. For requirements b-d, make sure you provide labeled computations. If you don't do this and your answer is incorrect, or if you just show numbers that are not correct and do not provide explanatory labels, partial points cannot be awarded. b) What is the fair market value of Eleanor's lakefront property? c) What are the tax consequences of the exchange to Eleanor: Gain(loss) realized Gain (loss) recognized Basis in Mountain property d) What are the tax consequences of the exchange to Fenton: . Gain (loss) realized Gain (loss) recognized Basis in Lakefront property