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Need help with figuring out adjusted basis of property given up and realized gain from the like-kind exchange. Wendy inherited a beach house in North

Need help with figuring out adjusted basis of property given up and realized gain from the like-kind exchange.

Wendy inherited a beach house in North Carolina (rental only) on January 2, 2020, from her father. The FMV at the fathers death was $850,000. He had purchased the house 20 years earlier for $100,000.

On December 29, 2020, Wendy properly conducted a like-kind exchange for rental real estate located at 128 Lake Blvd., Hot Town, AZ. She received rental property with an FMV of $950,000 and $20,000 cash in exchange for the North Carolina beach house. The Arizona property did not produce any income until 2020.

There are rental details about the property given up but I don't think it's relevant to the like-kind exchange.

Summer rental income $ 45,000
Repairs 2,500
Real estate taxes 6,500
Utilities 2,400
Depreciation (Calculate)

Thanks!

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