In 2012, Penny exchanges a lot in Santa Barbara with a mountain view for a lot with an ocean view in a qualifying like-kind exchange. Penny's basis in the land given up is $100,000 and the property has a fair market value of $250,000. In exchange for her property, Penny recieves land with a fair market value of $200,000 and a cash of $20,000. In addition, the other party to the exchange assumes a mortgage loan on Penny's property of $30,000.

a.

calculate Penny's realized gain, if any, on the exchange

b.

calculate Penny's recognized gain, if any, on the exchange

c.

calculate Penny's basis in the property recieved