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11. Julio exchanges land used in his business for a different parcel of land to be used in his business. His adjusted basis for the land is $325,000; the fair market value is $310,000. The fair market value of the new parcel of land is $300,000, In addition, Julio receives cash of $10,000. Calculate Julio's realized and recognized gain or loss and his adjusted basis for the assets received. 12. Lucinda, a calendar year taxpayer, owned a rental property with an adjusted basis of $312,000 in a major coastal city Her property was condemned by the city government on October 12, 2021 to build a convention center. Lucinda eventually received qualified replacement property from the city government on March 9, 2022, with a fair market value of $410,000 a. What is Lucinda's recognized gain or loss on the condemnation? b. What is her adjusted basis for the new property? c. If, instead of receiving qualifying replacement property, Lucinda was paid $410,000, what is the latest date that she can acquire qualifying replacement property