Like-Kind Exchange: Boot. Determine the realized gain or loss, the recognized gain or loss, and the basis of the equipment received for the following like-kind exchanges:

Basis of Equipment Exchange	FMV of Boot Received	FMV of Equipment Received
$20,000	$ -0-	$85,000
45,000	14,000	70,000
60,000	25,000	65,000?
70,000	38,000	60,000
90,000	22,000	55,000 What is the recognized gain for the fourth transaction?