Jake Exchanges Land Used in His Business for a Different

Essay

Jake exchanges land used in his business for a different parcel of land to be used in his business. His adjusted basis for $325,000 and the fair market value is $310,000. The fair market value of the new parcel of land is $300,000. In additi receives cash of $10,000. Calculate Jake's realized and recognized gain or loss and his adjusted basis for the assets r