Question 2 X exchanged rental property worth $50.000 with an adjusted basis of $40,000 and no liabilities, for Y's rental property worth $90,000 which had an adjusted basis of $72,000 and which was subject to a mortgage of $65,000. Y also transferred to X $20,000 worth of stock in which Y had an adjusted basis of $13,000. What is the gain or loss realized for X? Blank 1 What is the gain or loss realized for Y on the stock? Blank 2 What is the gain or loss realized for Y on the like kind exchange property? Blank 3 What amount of gain or loss must X recognize? Blank 4. What amount of gain or loss must Y recognize from the stock? Blank S What amount of gain or loss must Y recognize from the like kind exchange? Blank 6 What is X's basis in the new property? Blank 7 What is X's basis in the stock? Blank 8 What is Y's basis in the new property? Blank 9 3 OF 3 QUESTIONS REMAINING 7 Points