please discuss some of the tax benefits of investing in real estate. Define capital asset. how are assets classified to determine tax treatment on disposition? Define 1031 why was 1031 enacted? What happens if one party wants a like-kind exchange, but the other party wants to pay cash? How do we save the tax benefit of a like-kind exchange? Do we conduct a third-party exchange? Please explain the distinction between a realized gain and a recognized gain? Are there any limits to the deductibility of losses on sales and exchanges between related parties? What code section defines this limitation? 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? 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?