(Answered) Question - sam exchanges real estate for other real estate

Accounting

Question - Sam exchanges real estate for other real estate in a qualifying like-kind exchange. Sam's basis in the real estate given up is $120,000, and the property has a fair market value of $165,000. In exchange for his property, Sam receives real estate with a fair market value of $100,000 and cash of $15,000. In addition, the other party to the exchange assumes a mortgage loan on Sam's property of $50,000.

1. What is Sam's recognized gain, if any, on the exchange?

2. What is Sam's basis in the property received?

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