Problem 13-70 (LO. 6, 9) In two unrelated transactions, Laura exchanges property that qualifies for like-kind exchange treatment. In the first exchange, Laura gives up land purchased in May 2020 (adjusted basis of $20,000; fair market value of $17,000) in exchange for a different parcel of land (fair market value of $15,000) and $2,000 cash. In the second exchange, Laura receives a parking garage (to be used in her business) with a fair market value of $50,000 in exchange for a plot of land she had held for investment. The land was purchased in April 2014 for $12,000 and has a current fair market value of $48,000. In addition to transferring the land, Laura pays an additional $2,000 to the other party. If an amount is zero, enter "0". a. What is Laura's adjusted basis for the new parcel of land? 18,000 Feedback Check My Work If the taxpayer in a like-kind exchange gives or receives some property that is not like-kind property, recognition may occur. b. When does the holding period begin for the land? May 2020 Feedback Check My Work Correct c. What is Laura's adjusted basis for the parking garage? 14,000