Jane doe and lisa maria entered into a qualified exchange of like-kind property.

2. What is the gain recognized by Jane on the exchange?

Data: Parcel 1 property transferred from Jane to Lisa: Fair market value of Parcel 1: $300,000 Jane's adjusted basis in Parcel 1: $150,000 Remaining mortgage on Parcel 1 assumed by Lisa: $50,000 Parcel 2 property transferred from Lisa to Jane: Fair market value of Parcel 2: $250,000 Lisa's adjusted basis in Parcel 2: $170,000 Remaining mortgage on Parcel 2 assumed by Jane: $20,000 Additional cash paid by Lisa to Jane to balance the exchange: $30,000