Question: Need answer as follows: Eunice Jean exchanges land held for investment located in Rolla, Missouri, for land to be held for investment located near Madrid,

Need answer as follows:

Eunice Jean exchanges land held for investment located in Rolla, Missouri, for land to be held for investment located near Madrid, Spain. Her basis for the land given up is $450,000 and the fair market value of the land received is $500,000. Eunice Jean also receives cash of $45,000.

What is Eunice Jeans recognized gain?

What is her basis for the land received?

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