X exchanged rental property worth $50,000 with an adjusted basis of $40,000 and no liabilities, for Y's rental property worth $90,000 which had an adjusted basis of $72,000 and which was subject to a mortgage of $65,000. Y also transferred to X$20,000 worth of stock in which Y had an adjusted basis of $13,000. What is the gain or loss realized for X ? What is the gain or loss realized for Y on the stock? What is the gain or loss realized for Y on the like kind exchange property? What amount of gain or loss must X recognize? What amount of gain or loss must Y recognize from the stock? What amount of gain or loss must Y recognize from the like kind exchange? What is X's basis in the new property? What is X's basis in the stock? What is Y's basis in the new property? Blank 1 Blank 2 Blank 3 Blank 4 Blank 5 Blank 6 Blank 7 Blank 8 Blank 9