Rex sells (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 two rows of each column.

FMV Old	900,000	900,000	900,000	900,000
Liability Old	-0-	-0-	-0-	<100,000>
Basis Old	500,000	100,000	100,000	400,000
FMV New	900,000	700,000	1,200,000	1,000,000
Liability New	-0-	-0-	-0-	<300,000>
Cash	-0-		<300,000>
Cash Received	-0-	200,000		100,000
Gain Realized
Gain Recognized
Basis New