Question: Exercise 7-7 (Algorithmic) (LO. 2, 6) Camilo's property, with an adjusted basis of $345,400, is condemned by the state. Camilo receives property with a

Exercise 7-7 (Algorithmic) (LO. 2, 6) Camilo's property, with an adjusted basis of $345,400, is condemned by the state. Camilo receives property with a fair market value of $397,210 as compensation for the property taken. If an amount is zero, enter "0". a. What is Camilo's realized and recognized gain? Camilo's realized gain is $ and his recognized gain is $ b. What is the basis of the replacement property? The basis of the replacement property is $

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