Question: Peter exchanges a building valued at $400,000 for land also valued at $400,000 in a qualifying like-kind exchange. The building has a basis of $230,000.

Peter exchanges a building valued at $400,000 for land also valued at $400,000 in a qualifying like-kind exchange. The building has a basis of $230,000. What are Peter's realized gain or loss and the basis of the land?

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