Question: Jon exchanges some real estate ( basis $1,000,000 and FMV of $1,500,000) for other real estate owned by Jeff ( basis $500,000 and FMV $1,400,000

Jon exchanges some real estate ( basis $1,000,000 and FMV of $1,500,000) for other real estate owned by Jeff ( basis $500,000 and FMV $1,400,000 ) and $100,000 in cash. Assume this is a valid 1031 exchange / tax free exchange What is Jon's : Realized gain/ loss? Recognized gain/loss? Basis in new real estate What is Jeff's: Realized gain/ loss? Recognized gain/loss? Basis in new real estate

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