Property: Basis and Nontaxable Exchanges 10-29 22. Like-Kind Exchange. (Obj. 4) For each of the following like-kind exchanges, compute th taxpayer's realized and recognized gain or loss, as well as the basis of the new property acquired. Basis of Old Asset $ 8,000 6,000 6,000 10,000 10,000 10,000 FMV of New Asset $5,000 10,000 10,000 7,000 7,000 11,000 Cash Exchanged a. b. C. d. e. f. $0 $5,000 paid $2,000 paid $2,000 received $5,000 received $2,000 received 23. Like-Kind Exchange. (Obj. 4) Bufford wants Jack's farm as a site for an amusement park and fford is now considering acquiring another farm for $180,000 and then offers him $200,000 for the farm. Jack does not want to sell his farm, which has a basis to Jack of $50,000. Bu offering that farm plus $20,000 to Jack in exchange for his farm. If Jack accepts this offer, what are the tax consequences