Problem #11 Samantha exchanges a parcel of land used in her business with Phyllis for another parcel of land. The basis of Samantha's old land is $25,000, FMV is $33,000, and she gives Phyllis cash of $7,000. Phyllis's basis in her land is $35,000 and its FMV is $40,000. What is Samantha's adjusted basis in the new land she receives? (Show your work)

Problem #12 An apartment building with an adjusted basis of $500,000 was destroyed by a tornado on April 30, 2019. On May 10, 2019, the insurance company paid the owner $695,000. The owner reinvested $570,000 in a new apartment complex. What is the basis of the new complex if non-recognition of gain from an involuntary conversion is elected? (show your work)