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Eunice Jean Exchanges Land Held for Investment Located in Rolla,Missouri,for  a. What is Eunice Jean’s secognized gain? \text { a. What is Eunice Jean's secognized gain? }

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Eunice Jean exchanges land held for investment located in Rolla,Missouri,for land to be held for investment located near Madrid,Spain.Her basis for the land given up is $450,000 and the fair market value of the land received is $500,000.Eunice Jean also receives cash of $45,000.
 a. What is Eunice Jean’s secognized gain? \text { a. What is Eunice Jean's secognized gain? }
 b. What is her basis for the land received? \text { b. What is her basis for the land received? }


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