part 1

PARTI Ralph Corp. traded Land A for Land B. Ralph originally purchased Land A for $60,000, and Land A's adjusted basis was $25,000 at the time of the exchange. What is Ralph's realized gain or loss, recognized gain or loss, and adjusted basis in Land B in each of the following alternative scenarios? a. The fair market value of Land A and of Land B is $40,000 at the time of the exchange. The exchange does not qualify as a like-kind exchange. b. The fair market value of Land A and of Land B is $70,000. The exchange qualifies as a like-kind exchange c. The fair market value of Land A is $45,000, and Land B is valued at $40,000. Ralph exchanges Land A and $5,000 cash for Land B. Land A and Land B are like-kind property. d. The fair market value of Land A is $65,000, and Ralph trades Land A for Land B valued at $40,000 and $25,000 cash. Land A and Land B are like-kind property