Taxpayer owns Green acre. Basis is $$40$ and FMV is $$150.$ Green acre has as an assumable mortgage of $$60.$ Taxpayer exchanges with unrelated buyer for Buyer Property called Black acre. Black acre is worth $$90.$ Buyer will assume the mortgage on Green acre. Thus, the values are equal. Decrease in LKE investment. Gain is lesser of boot or realized gain.

a$.$ What is Buyer$$s realized gain?

b$.$ What is Buyer$$s recognized gain?

c$.$ What is Buyer$$s basis in Black acre after the transaction?

d$.$ What is Buyer$$s deferred gain?