In two unrelated transactions, Laura exchanges property that qualifies for like-kind exchange treatment. In the first exchange, Laura gives up office equipment purchased in May 2012 (adjusted basis of $20,000; fair market value of $17,000) in exchange for new office equipment (fair market value of $15,000) and $2,000 cash. In the second exchange, Laura receives a parking garage (to be used in her business) with a fair market value of $50,000 in exchange for a plot of land she had held for investment. The land was purchased in April 2006 for $12,000 and has a current fair market value of $48,000. In addition to transferring the land, Laura pays an additional $2,000 to the other party. Laura's recognized gain or loss is ?? and her adjusted basis for the office equipment is ??. b. When does the holding period begin? c. Laura's recognized gain or loss is ?? and her adjusted basis for the parking garage is ?? d. When does the holding period begin? e. In order to produce better tax consequences, Laura could sell the office equipment to one party and purchase the new office equipment from , thus allowing her to the loss of $