Like Kind Exchange. F exchanged undeveloped land worth $45,000 with G for land worth $42,000 and a personal automobile worth $3000. F’s adjusted basis in the land was $36000. G’s adjusted bases in the land and automobile were $39500 and $2500, respectively.
a. How much gain or loss must F recognize in this exchange, and what are his bases in the land and automobile received?
b. How much gain or loss must G recognize in this exchange, and what is her basis in the land received.?
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