What jack Gave:

Apartment building FMV=20,000,000

jack bought it 5 years ago for 2,000,000, and there was 1,000,000 of accumulated depreciation

Mortgage on building (assumed by buyer) 10,000,000

Furniture and fixtures FMV=10,000 (adjusted basis =10,000)

Cash 1,000,000

What jack Got:

Commercial warehouse FMV=22,000,000

(buyer had bought for 50,000,000 and there was 1,000,000 of accumulated depreciation)

Mortgage (assumed by Leo) 5,000,000

A car FMV=100,000 (buyer had bought it for 100,000)

Cash 200,000

1. What is the realized gain or loss to Leo_______________________-

2. What is the recognized gain or loss to Leo___________________________

3. What is jack's basis in the new building_____________________________
4. What is the holding period of the new building for jack_______________