Robbie and Mike exchange land in a qualified like-kind exchange. Robbie's old land, which originally cost $42,000, has an adjusted basis of $26,000. His old land is worth $32,000. Since the land Mike is trading is worth only $27,000 (Mike's adjusted basis is $18,000), Mike will even up the exchange by giving Robbie $2,000 in cash and assuming $3,000 of Robbies debts on the land. (20 points).

What is Robbie's realized gain/loss on the land?

What is Robbie's recognized gain/loss on the land?

What is Mike's realized gain/loss on the land?

What is Mike's recognized gain/loss on the land?

What is Robbie's basis in his new land?

What is Mike's basis in his new land?