II. During 2020 he made Brown owns various business and investment assets. the following exchanges: 1. 2. He exchanged stock in the Green Company held for investment purposes with an adjusted basis of $7,000 for $3,000 in cash and stock in the White Company to be held for investment purposes with a fair market value of $8,000. He exchanged a piece of land in Illinois used in his business with an adjusted basis of $75,000 for $25,000 in cash and a piece of land in Wisconsin to be held for investment purposes with a fair market value of $65,000. He exchanged $45,000 in cash and an old delivery truck used in his business with an adjusted basis of $6,000 for a new delivery truck to be used in his business with a fair market value of $49,000. He exchanged a warehouse in Iowa used in his business with an adjusted basis of $195,000 for $15,000 in cash and a warehouse in Indiana to be used in his business with a fair market value of $285,000 and subject to an $35,000 liability. The liability was assumed by Brown. 3. 4. Required: 1. Determine the amount of gain or loss to be recognized on Brown's 2020 tax return. Be sure to state whether each exchange is a like-kind exchange or not a like-kind exchange. 2. Determine the basis of each of the assets that Brown received in the exchanges. II. During 2020 he made Brown owns various business and investment assets. the following exchanges: 1. 2. He exchanged stock in the Green Company held for investment purposes with an adjusted basis of $7,000 for $3,000 in cash and stock in the White Company to be held for investment purposes with a fair market value of $8,000. He exchanged a piece of land in Illinois used in his business with an adjusted basis of $75,000 for $25,000 in cash and a piece of land in Wisconsin to be held for investment purposes with a fair market value of $65,000. He exchanged $45,000 in cash and an old delivery truck used in his business with an adjusted basis of $6,000 for a new delivery truck to be used in his business with a fair market value of $49,000. He exchanged a warehouse in Iowa used in his business with an adjusted basis of $195,000 for $15,000 in cash and a warehouse in Indiana to be used in his business with a fair market value of $285,000 and subject to an $35,000 liability. The liability was assumed by Brown. 3. 4. Required: 1. Determine the amount of gain or loss to be recognized on Brown's 2020 tax return. Be sure to state whether each exchange is a like-kind exchange or not a like-kind exchange. 2. Determine the basis of each of the assets that Brown received in the exchanges