(The first five questions are from the Basis and Nonrecognition Exchanges [1031) handout. I put this at the beginning of the test because you must be able to work through exchanges like this for a number of other exercises on the exam.) Questions 1 through 5 require using the information directly below: Templeton Properties and Jameson Rentals, both corporate landlords, exchange apartment buildings. The exchange qualifies as like-kind for both parties. Liabilities exist on each building and each company agrees to assume the liabilities encumbering the properties taken in the exchange. Jameson also gives cash to Templeton on the exchange. The properties GIVEN in the exchange (along with the liabilities attached to those properties} appear below each taxpayer. Liability on property property assumed by assumed by Jameson on Templeton on transfer Jameson's realized gain or loss is DO NOT USE COMIMAS OR DOLLAR SIGNS IN YOUR ANSWER\" IF THE ANSWER IS A LOSS, PLACE PARENTHISIS AROUND THE NIB-[BER IF THERE IS NO GAJN OR LOSS, EN'I'ER (l [N OT {L0}