Kase, an Individual, purchased some property In Potomac, Maryland, for $175,000 approximately 10 years ago. Kase is approached by a real estate agent representing a clilent 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 galn or loss, and basis In the North Carolina property In each of the following alternative scenarios? (Loss amounts should be Indicated by a minus sign.) a. The transaction qualifies as a like-kind exchange and the fair market value of each property is $735,000 (Leave no answer blank. Enter zero if applicable.) Adjusted basis in new property

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06-12-2022
Business

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Kase, an Individual, purchased some property In Potomac, Maryland, for $175,000 approximately 10 years ago. Kase is approached by a real estate agent representing a clilent 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 galn or loss, and basis In the North Carolina property In each of the following alternative scenarios? (Loss amounts should be Indicated by a minus sign.) a. The transaction qualifies as a like-kind exchange and the fair market value of each property is $735,000 (Leave no answer blank. Enter zero if applicable.) Adjusted basis in new property

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