Gina Smith exchanges a business

Part 1 Scenario Gina Smith exchanges a business land with an adjusted basis of $400,000 and a fair market value of $700,000 for Jennifer Lopez's office building worth $600,000 and $100,000 cash. Jennifer had an adjusted basis of $450,000 in the building. Use the scenario data to answer the questions within the Excel template to complete Part 1. Part 2 Scenario Frank Cortez's business property with an adjusted basis of $160,000 is condemned by local authorities. He receives a $240,000 condemnation award. Answer the questions in the Excel template based on the scenario information to complete Part 2.