Saul would like to exchange land that he owns (adjusted basis $125,000 and FMV of $155,000) for land in a neighboring county (adjusted basis $110,000 and FMV $130,000) plus cash of $25,000. Assume that the parcels of land are qualified property for treating this as a deferred transaction, and that the cash is boot. a. What is Saul’s realized gain? b. What is Saul’s recognized gain? c. What is Saul’s deferred gain? d. What is Saul’s basis in the property received?
