Company b and firm w exchanged the following business real estate: blackacre (exchanged by b) whiteacre (exchanged by w) fmv $ 439,000 $ 592,000 mortgage (109,750 ) (262,750 ) equity $ 329,250 $ 329,250 if b’s adjusted basis in blackacre was $263,400, compute b’s realized gain, recognized gain, and basis in whiteacre. if w's adjusted basis in whiteacre was $118,400, compute w’s realized gain, recognized gain, and basis in blackacre.

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two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.