QUESTION 19 Laura exchanged a building she owned with an adjusted basis of $2,500,000 for a similar building valued at $2,800,000. Laura also received cash in the exchange totaling $2,000,000. The transaction qualified as a like-kind exchange. What is Laura's recognized gain or loss on the exchange? 2. $500,000 b. 52,300,000 Oc50 d. $2,000,000 QUESTION 20 Kyle's factory building was destroyed in a fire. His adjusted basis was $900,000 and the fair market value was $1,400,000. He received insurance proceeds of $1,280,000. Kyle uses $980,000 of the proceeds to build a new factory building and invests the remaining $300,000 in short-term certificates of deposit. What is Kyle's recognized (1.0. taxable) gain or loss? 50 b. 5300,000 gain C$120,000 gain d. $380,000 gain