Tanya Fletcher owns undeveloped land (adjusted basis of $80,000 and fair market value of $92,000) on the East Coast. On January 4, 2019, she exchanges it with Lisa Martin (an unrelated party) for undeveloped land on the West Coast. Since Lisa's land (basis: $72,000) has a fair market value of $89,000, the transfer includes $3,000 cash, given by Lisa to Tanya. REQUIRED: Write a letter to Tanya, advising her: * What constitutes an exchange? * How she should treat the "boot" received on the exchange? * What would be Tanya's recognized gain or loss on the exchange? * What would be Tanya's realized gain or loss on the exchange? * What would be Tanya's adjusted basis for the West Coast land