Requirement Determine the realized gain or loss, the recognized gain or loss, and the basis of the equipment received for each like-kind exchange (Enter a loss with a minus sign or parentheses. Complete all answer boxes. Enter a "0" for any zero balances.) FMV of Boot Received Equipment Received Gain (Loss) FMV of Realized Recognized Gain (Loss) Basis of Equipment Received Basis of Equipment Exchanged $ 80,000 20,000 60,000 90,000 40,000 29,000 13,000 18,000 20,000 $95,000 85,000 65,000 50,000 25,000