4. Like-Kind Exchange. B exchanged undeveloped land worth $245,000 with C for developed land worth...
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4. Like-Kind Exchange. B exchanged undeveloped land worth $245,000 with C for developed land worth $225,000 and DEF corporation stock worth $20,000. B's adjusted basis in the land was $176,000. C's adjusted bases in the land and stock were $243,000 and $17,500, respectively. A. How much gain or loss must B recognize in this exchange, and what are his bases in the land and stock received? B. How much gain or loss must C recognize in this exchange, and what is her basis in the land received
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