Fair market value of property

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Kase, an individual, purchased some property in Potomac, Maryland, for $150,000 approximately 10 years ago. Kase is approached by a real estate agent representing a client who would like to exchange a parcel of land in North Carolina for Kase's Maryland property. Kase agrees to the exchange.

What is Kase's realized gain or loss, recognized gain or loss, and basis in the North Carolina property in each of the following alternative scenarios?

Note: Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.

a. The transaction qualifies as a like-kind exchange, and the fair market value of each property is $675,000.

Reference no: EM133234362

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