Leroy owns a truck used in his trade or business that cost $50,000 and has an adjusted basis of $34,000. The truck is exchanged for a new truck that is like-kind property with a FMV of $40,000. Prior to selling the new truck two years later, Leroy is allowed depreciation of $13,000 for the new truck. Determine:
a. Realized gain on the exchange
b. Recognized gain on the exchange
c. Basis of truck received
d. Recognized gain, and the character of the gain, if the sales price of the truck is $41,000
e. Recognized gain, and the character of the gain, if the sale price of the truck is $52,000