P2.A: Taxpayertrades$2,000,000ofassets(FMV)foranewasset.Hisbasisis2,000,000.Ifthistransactionistaxable what is the:

: Realized gain/ loss:

Recognized gain/ loss:

Basis in new asset:

P2.B: Taxpayer trades $2,000,000 of assets (FMV) for a new asset. His basis is 2,000,000. If this transaction is deferred under like kind what is the

Realized gain/ loss:

Recognized gain/ loss:

Basis in new asset:

P2.C: Taxpayer trades $2,000,000 of assets (FMV) for a new asset. His basis is 2,000,000. He also gets $250,000 in cash (plus the new asset). If this transaction is deferred under like kind what is the:

Realized gain/ loss:

Recognized gain/ loss:

Basis in new asset: