Ren exchanges Florida land held for investment (adjusted basis $400,000, FMV $520,000) for Georgia investment land worth $470,000 and $50,000 cash. Assume the exchange is a qualified like-kind exchange. Part 1: What is Ren's realized gain? 0 Part 2: What is Ren's recognized gain? 0 Part 3: What is Ren's tax basis in the newly acquired Georgia land? 400000

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