Question: Problem 15-25 (Algorithmic) (LO. 2) Katrina owns undeveloped land with an adjusted basis of $247,500. She exchanges it for undeveloped land worth $550,000. Assume that

Problem 15-25 (Algorithmic) (LO. 2) Katrina owns undeveloped land with an

Problem 15-25 (Algorithmic) (LO. 2) Katrina owns undeveloped land with an adjusted basis of $247,500. She exchanges it for undeveloped land worth $550,000. Assume that Katrina holds the land as an investment. If an amount is zero, enter "0". a. What are Katrina's realized and recognized gain or loss? Her realized is $ and her realized is $ b. What is Katrina's basis in the undeveloped land she receives? c. Would the answers in parts (a) and (b) change if Katrina exchanged the undeveloped land for land and a building? because the property like-kind property

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