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a. The transaction qualifies as a like-kind exchange, and the fair market value of each property is $675,000.

b. The transaction qualifies as a like-kind exchange, and the fair market value of each property is $100,000.

Homework - CH 11 Hello Save & Exit Check my work 10 Part 2 1 Required information The following information applies to the questions displayed below) Kase, an individual purchased some property in Potomac, Maryland, for $150,000 approximately 10 years ago. Kase is approached by a real estate agent representing a client who would ke to exchange a parcel of land in North Carolina for Kase's Maryland property Kase agrees to the exchange What is Kase's realized gain or loss, recognized gain or loss, and basis in the North Carolina property in each of the following alternative scenarios? (loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable) a. The transaction qualities as a like-kind exchange, and the fair market value of each property is $675.000 Description Amount Adjusted basis in new property Check my work 2 Required information The following information applies to the questions displayed below) Kase, an individual, purchased some property in Potomac, Maryland, for $150,000 approximately 10 years ago. Kase is approached by a real estate agent representing a client who would like to exchange a parcel of land in North Carolina for Kase's Maryland property, Kase agrees to the exchange What is Kase's realized gain or loss, recognized gain or loss, and basis in the North Carolina property in each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) d b. The transaction qualities as a like-kind exchange, and the fair market value of each property is $100,000. Description Amount Adjusted basis in new property

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