Oliver has been a CPA for 30 years and wants to retire from his practice and purchase a farm.

Oliver has been a CPA for 30 years and wants to retire from his practice and purchase a farm. Oliver's office building is worth $600,000. His adjusted basis in the building is $180,000. He wants to acquire Green Acres farm land worth $500,000. The owner of Green Acres has agreed to include farm equipment into the transaction that is worth $100,000 in exchange for the office building. (Oliver does not plan on living at the farm.) 1.) Does this transaction qualify for like-kind exchange treatment? What property is like- kind? Is there any part of this transaction that is not like-kind property? 2.) Calculate Oliver's Recognized gain. 3.) Calculate Oliver's Basis in the new farm land. 4.) Calculate Oliver's Basis in the new farm equipment