NAME (10 points) Cooper and Dane exchanged properties with each other. Cooper exchanged a commercial building and land with a basis of $200,000 and a fair market value of $320,000. The property exchanged by Cooper was also subject to a $180,000 liability that was assumed by Dane in the exchange. In addition to the liability assumption, Dane gave Cooper a smaller commercial building in a different location. That building had a fair market value of $250,000 and an adjusted basis to Dane of $190,000. The property exchanged by Dane was subject to a $140,000 liability that was assumed by Cooper in the exchange. To even up the exchange, Dane also gave Cooper $30,000 in cash. Show your work below the questions. Provide labeled and sufficiently described answers to the questions. 1) What is Cooper's realized gain or loss? 2) What is Dane's realized gain or loss? 3) What is Cooper's recognized gain or loss? 4) What is Dane's recognized gain or loss? 5) What is the basis of the like-kind property acquired by Cooper? 6) What is the basis of the like-kind property acquired by Dane? NAME (10 points) Cooper and Dane exchanged properties with each other. Cooper exchanged a commercial building and land with a basis of $200,000 and a fair market value of $320,000. The property exchanged by Cooper was also subject to a $180,000 liability that was assumed by Dane in the exchange. In addition to the liability assumption, Dane gave Cooper a smaller commercial building in a different location. That building had a fair market value of $250,000 and an adjusted basis to Dane of $190,000. The property exchanged by Dane was subject to a $140,000 liability that was assumed by Cooper in the exchange. To even up the exchange, Dane also gave Cooper $30,000 in cash. Show your work below the questions. Provide labeled and sufficiently described answers to the questions. 1) What is Cooper's realized gain or loss? 2) What is Dane's realized gain or loss? 3) What is Cooper's recognized gain or loss? 4) What is Dane's recognized gain or loss? 5) What is the basis of the like-kind property acquired by Cooper? 6) What is the basis of the like-kind property acquired by Dane