Rex sell (relinquished) property and completes a like-kind exchange by purchasing replacement property. The relinquished property is referred to as the Old property and the replacement as the New property. You may assume that all elements of Section 1031 have been satisfied. Complete the last three rows of each column.

FMV Old	600,000
Liability Old	<100,000>
Basis Old	100,000
FMV New	700,000
Liability New	<300,000>
Cash	-0-
Cash Received	100,000
Gain Realized
Gain Recognized
Basis New