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Just one more clarification.  I built a spreadsheet which duplicated the functionality of form 8824.  So the question evolves around the following two lines.

 

line 24; Deferred gain....   $xxx,xxx. 

 

line 25; Basis of like-kind property recieved....  $xxx,xxx

 

Do I apply the Deferred gain to the the property given up or to the property purchased?

 

Thank You