Question: 4. Assume the same facts as in Question (3) except that Caroline's land is worth $600,000 but is subject to a $200,000 mortgage. Explain what

4. Assume the same facts as in Question (3) except that Caroline's land is worth $600,000 but is subject to a $200,000 mortgage. Explain what is Elizabeth's amount realized. Explain what is Elizabeth's gain realized. Explain Elizabeth's gain recognized. Explain Elizabeth's basis in the new property. Explain what is Caroline's amount realized. Explain what is Caroline's gain realized. Explain Caroline's gain recognized. Explain Caroline's basis in the new property

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