Suppose a like kind exchange takes place on October 27, 2019. C gives D property which is a capital asset purchased on August 9, 2015. D gives C property which is a capital property purchased on May 5, 2011.

C gives D property with

FMV: $200

Basis: $100

D gives to C property with FMV: $ 200

Basis: $70

8. What is D's realized gain?

a. $ 260

b. $130

c. $0

d . none of the above

9. What is D's recognized gain?

a. 20

b. 150

c. 0

d. none of the above

10. What is D's basis in the property received?

a. $70

b $ 140

c. $100

d. none of the above