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How much is Zak and Vira realizedand recognized gains

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Question - Zak and Vira exchange qualifying like-kind real property.-Z to V: Basis = $25,000; FMV $40,000-V to Z: Basis = $20,000; FMV $30,000-Vira also transfers securities to Zak: Basis = $7,000; FMV = $10,000.

How much is Zak and Vira's realizedand recognized gains? What is their basis in their new assets?

Reference no: EM132880663

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