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Cooper and Dane exchanged properties with each other. Cooperexchanged a commercial building and land with a basis of $200,000and a fair market value of $320,000. The property exchanged byCooper was also subject to a $180,000 liability that was assumed byDane in the exchange. In addition to the liability assumption, Danegave Cooper a smaller commercial building in a different location.That building had a fair market value of $250,000 and an adjustedbasis to Dane of $190,000. The property exchanged by Dane wassubject to a $140,000 liability that was assumed by Cooper in theexchange. To even up the exchange, Dane also gave Cooper $30,000 incash.Show your work below the questions. Provide labeled andsufficiently described answers to the questions.1) What is Cooper’s realized gain or loss?2) What is Dane’s realized gain or loss?3) What is Cooper’s recognized gain or loss?4) What is Dane’s recognized gain or loss?5) What is the basis of the like-kind property acquired byCooper?6) What is the basis of the like-kind property acquired byDane?