Jorge owns real estate $($adjusted basis of $$4,000$ and fair market value of $$6,000),$ which he uses in his business. Jorge sells the real estate for $$6,000$ to Cherry $($a dealer$)$ and then purchases a new parcel of land for $$6,000$ from Apple $($also a dealer$).$ The new parcel of land would normally qualify as like$-$kind property.

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a$.$ What are Jorge's realized and recognized gain on the sale of the land he sold to Cherry?

On the sale of real estate, Jorge's realized gain is $fill in the blank bed$492$fc$0$fbff$81\_1$

and recognized gain is $fill in the blank bed$492$fc$0$fbff$81\_2$

$.$

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b$.$ Jorge's basis for the land he purchased from Apple is $fill in the blank $8$febcbf$33$fedf$9$d$\_1$

$.$

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c$.$ Indicate whether the following statements are "True" or "False" regarding what would motivate Jorge to sell his land to Cherry and purchase the land from Apple rather than exchange one parcel of land for the other.

$$ If Jorge sells the parcel of land, the sale would have resulted in the realized gain being postponed.

$$ If Jorge sells the parcel of land, the recognition of gain permits him to have a higher basis for the new parcel of land.

$$ If Jorge sells the parcel of land, he may have some losses with which he can offset the recognized gain.

$$ If Jorge exchanges the parcel of land instead of selling it$,$ the exchange would result in a nondeductible loss.

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d$.$ Assume the facts in part $($a$)$ except the adjusted basis of Jorge$$s original parcel of land is $$6,000$ and the fair market value of both parcels of land is $$4,000.$ What are Jorge's realized and recognized gain or loss on the sale of real estate?

Jorge has a realized

of $fill in the blank $6$cbba$501$efd$806$f$\_2$

and a recognized

of $fill in the blank $6$cbba$501$efd$806$f$\_4$

$.$ This is because Jorge

able to avoid $1031$ treatment.

What is Jorge's basis for land Jorge acquires from Apple?

$fill in the blank $6$cbba$501$efd$806$f$\_6$