Fred exchanges a piece of business land (FMV 90,000; adjusted basis $50,000) and cash $1,000 for another piece of business land (FMV 70,000; adjusted basis $30,000) and $10,000 cash. a. What is Fred’s realized gain/loss on the transaction?

b. What is Fred’s recognized gain/loss on the transaction?

c. What is Fred’s basis in the new land (land received)?

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