Katie exchanges a building and land $($used in her business$)$ for Tyler's land and building and some equipment $($used in his business$).$

Adjusted Basis Fair Market Value

Katie's real property $$3,600$ $$9,000$

Tyler's real property $1,8007,200$

Equipment $1,6202,700$

Question Content Area

a$.$ What are Katie's recognized gain or loss and basis for the land and building and equipment acquired from Tyler?

Her recognized

gain

is $fill in the blank $777166$fbb$04$ef$94\_2$

$7,200$

$.$ Her adjusted basis in the land and building she acquired from Tyler is $fill in the blank $777166$fbb$04$ef$94\_3$

$,$ and her adjusted basis in the equipment is $fill in the blank $777166$fbb$04$ef$94\_4$

$.$

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If the taxpayer in a like$-$kind exchange gives or receives some property that is not like$-$kind property, recognition may occur.

Question Content Area

b$.$ What are Tyler's recognized gain or loss and basis for the land and building acquired from Katie?

Tyler's recognized

gain

is $fill in the blank $75$e$77905$f$030065\_2$

$,$ and his adjusted basis in the land and building he acquired from Katie is $fill in the blank $75$e$77905$f$030065\_3$

$.$