Nick Smith purchased some property in St$.$ Peter, MN$,$ for $$150,000$ on January $1,2013,$ which he has consistently held for investment purposes. In $2023,$ this property has a fair market value of $$1,000,000.$ During this year, Nick Smith was approached by a real estate agent representing a client who desires to exchange a parcel of land he owns in Pleasant View, Iowa $($current Fair Market Value of $$900,000),$ for the St$.$ Peter, Minnesota property owned by Nick Smith$$the Minnesota and Iowa properties are of like$-$kind. Both parties verbally agreed to enter negotiations to exchange the respective property.

a$.$ What is Nick$$s realized gain or loss, recognized gain or loss, basis and holding period in the Iowa property if the two parties exchange properties $($Minnesota and Iowa$)?$

b$.$ What is Nick$$s realized gain or loss, recognized gain or loss, basis and holding period in the Iowa property if the two parties exchange properties $($Minnesota and Iowa$)$ and Nick receives $$100,000$ cash as part of the transaction?