Like$-$Kind Exchange: Boot. Determine the realized gain or loss, the recognized gain or

loss, and the basis of the land received for the following like$-$kind exchanges:Basis of Land

Exchanged

$$20,000$

$45,000$

$60,000$

$70,000$

$90,000$

FMV of Boot

Received

$-0-$

$14,000$

$25,000$

$38,000$

$22,000$

$

Like$-$Kind Exchange: Boot. Determine the realized gain or loss, the recognized gain or

loss, and the basis of the land received for the following like$-$kind exchanges:

FMV of

Land Received

$$85,000$

$70,000$

$65,000$

$60,000$

$55,000$