Use the following information to answer the next three questions. Suppose that Beets by Dray trades real estate with a value of $50,000 (adjusted basis =$16,000) to an unrelated party for new real estate valued at $45,000. The unrelated party also pays Beets by Dray $5,000 to make the deal equitable. 6. What gain or loss does Beets by Dray realize on the exchange? $29,000 $34,000 $0 $5,000 QUESTION 7 7. What gain or loss does Beets by Dray recognize on the exchange? $34,000 $5,000 $0 $29,000 QUESTION 8 8. What is Beets by Dray's basis in the new real estate? $50,000 $45,000 $5,000 $16,000 Use the following information to answer the next three questions. Suppose that Beets by Dray trades real estate with a value of $50,000 (adjusted basis =$16,000) to an unrelated party for new real estate valued at $45,000. The unrelated party also pays Beets by Dray $5,000 to make the deal equitable. 6. What gain or loss does Beets by Dray realize on the exchange? $29,000 $34,000 $0 $5,000 QUESTION 7 7. What gain or loss does Beets by Dray recognize on the exchange? $34,000 $5,000 $0 $29,000 QUESTION 8 8. What is Beets by Dray's basis in the new real estate? $50,000 $45,000 $5,000 $16,000