Kase, an individual, purchased some property in Potomac, Maryland, for $150,000 approximately 10 years ago. Kase is approached by a real estate agent representing a client who would like to exchange a parcel of land in North Carolina for Kases Maryland property. Kase agrees to the exchange.

1. What is Kases realized gain or loss, recognized gain or loss, and basis in the North Carolina property assuming the fair market value of each property is $675,000

1. Realized gain (loss)

2. Recognized gain (loss)

3. Adjusted basis in new property

2. What is Kases realized gain or loss, recognized gain or loss, and basis in the North Carolina property assuming the fair market value of each property is $100,000?

1. Realized gain (loss)

2. Recognized gain (loss)

3. Adjusted basis in new property