Problem: Renee inherited farm land after her parents passed away. Renee's basis in the land is $600,000. Renee entered into a Section 1031 exchange in which she exchanged the farm land for an apartment building valued at $500,000 and $250,000 cash.
Q1. What is the amount of Renee's realized and recognized gain?
Q2. What is Renee's basis in the apartment building?
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