(Answered) Question - waylon exchanges unimproved land with a 50000

Accounting

Question - Waylon exchanges unimproved land with a $50,000 basis and marketable securities with a $10,000 basis for a 10-unit apartment building having a $150,000 FMV. The land and marketable securities are held by Waylon as investments, and the apartment building is held as an investment. The marketable securities have a $25,000 FMV. What is Waylon's realized gain, recognized gain, and his basis in the apartment building?

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