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Jerry exchange his real estate (adjusted basis $50,000, FMV $80,000 ) held for investment for other real estate (adjusted basis $55,000, FMV $80,000 ) held
Jerry exchange his real estate (adjusted basis $50,000, FMV $80,000 ) held for investment for other real estate (adjusted basis $55,000, FMV $80,000 ) held for investment plus $10,000 in cash (i.e., Jerry received $10,000 in cash). What gain must be recognized by Jerry, and what is his adjusted tax basis in the new asset, respectively? $10,000;$50,000 $0;$50,000 $5,000;$80,000 $10,000;$55,000
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