Required information [The following information applies to the questions displayed below) Kase, an individual, purchased some property in Potomac, Maryland, for $212,000 approximately 10 years ago. Kase is approached by a real estate agent representing a client who would like to exchange a parcel of land in North Carolina for Kase's Maryland property Kase agrees to the exchange What is Kase's realized gain or loss, recognized gain or loss, and basis in the North Carolina property in each of the following alternative scenarios? (loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable) a. The transaction qualifies as a like kind exchange, and the fair market value of each property is $860,000 Adjusted basis in new property 17 Part 2 of 2 0.16 points Required information The following information applies to the questions displayed below) Kase, an individual, purchased some property in Potomac, Maryland, for $212,000 approximately 10 years ago Kate is approached by a real estate agent representing a client who would like to exchange a parcel of land in North Carolina for Kase's Maryland property, Kose agrees to the exchange What is Kate's realized gain or loss, recognized gain or loss, and basis in the North Carolina property in each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable.) otlook Hint References b. The transaction qualifies as a like-kind exchange, and the fair market value of each property is $113,000. Adjusted basis in new property