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What is Tom Gow recognized gain and basis

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Question - Tom Gow owned a parcel of investment real estate that had an adjusted basis of $25,000 and a fair market value of $40,000. Gow exchanged his investment real estate for the item of property listed below.

Land to be held for investment (FMV) $35,000

A small sailboat to be held for 3,000 personal use (FMV)

Cash 2,000

What is Tom Gow's recognized gain and basis in his new investment real estate?

Reference no: EM132969074

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