Question: Problem 15-25 (LO. 2) Katrina owns undeveloped land with an adjusted basis of $300,000. She exchanges it for undeveloped land worth $750,000. Assume that Katrina

Problem 15-25 (LO. 2)\ Katrina owns undeveloped land with an adjusted basis of $300,000. She exchanges it for undeveloped land worth $750,000. Assume that Katrina holds the land as an investment.\ If an amount is zero, enter "0".\ Question Content Area\ a. What are Katrina's realized and recognized gain or loss?\ Her realized gain is $fill in the blank c1237e0c604efe3_1 and her recognized gain is $fill in the blank c1237e0c604efe3_2.\ Feedback Area\ Feedback\ The tax law recognizes that nontaxable exchanges result in a change in the form but not in the substance of the taxpayer's relative economic position.\ Question Content Area\ b. What is Katrina's basis in the undeveloped land she receives?\ $fill in the blank f491c5fdb04c02e_1

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