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[The following information applies to the questions displayed below.] Terence, an individual, purchased some property in Sacramento, California, for $225,000 approximately 5 years ago. Terence exchanges his a parcel of land in Sacramento for another piece of land in Folsom, Califonria. What is Terences realized gain or loss, recognized gain or loss, and basis in the Folsom property in each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)

b. The transaction qualifies as a like-kind exchange and the fair market value of each property is $156,000.