Kase , an individual , purchased some property in Potomac , Maryland, for $150, 00 0 approximately 10 years ago. Kase is Approached by a real estate agent representing # client who would like to exchange a parcel of land in North Carolina for Kase's Maryland property . Kase agrees to the exchange . What is Kase's realized gain or loss . recognized gain or loss , and basis in the North Carolina property in each of the following alternative scenarios!" 4 . The transaction qualifies as a like - kind exchange and the fair market value of each property is $675, 000 . b . The transaction qualifies as a like - kind exchange and the fair market value of cach property is STUD. UND