Sandy sells relinquished (old) property and completes a like-kind exchange by purchasing replacement (new) property. You may assume that all elements of Section 1031 have been satisfied. Complete the chart.

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-	-0-	<300,000>	-0-
Cash Received	-0-	200,000	-0-	100,000
Gain Realized
Gain Recognized
Basis New