Hill owns land with a $80,000 mortgage, that they hold for investment. Hill decides to transfer the land, subject to the mortgage to their friend Rena. In exchange for the land subject to the mortgage, Rena transfers her personal residence to Hill. Rena's home has a fair market value of $475,000 and she owes $60,000 on her mortgage that Hill will assume. Hill already has a home they are living in, so they are going to use the home as a rental and Rena is going to hold the land for investment. Hill's tax basis in the land is $400,000 and Rena's tax basis in the home is $550,000. Does Hill qualify for Like-Kind Exchange Treatment (Yes or No)? - What is Hill's realized gain/(loss) from the exchange? - What is Hill's recognized gain/(loss) from the exchange? - What is Hill's basis in the home