1. Please explain the distinction between a ‘realized’ gain and a ‘recognized’ gain2. Are there any limits to the deductibility of losses on sales and exchanges between related parties? What code section defines this limitation? 3. What is the basis of property received (i.e. new property) in a like-kind exchange? What is the holding period for the new asset? 4. David purchased stock in Zoll Corporation in 1985 for $6,000. On April 16, 2013 he gifted the stock to his daughter Susan; at the time of the gift, the Zoll stock was valued at $250,000. Susan sold the stock the next month for $ 252,000. What is Susan’s gain or loss and what is the character of the gain or loss?