1. what is the amount of gain or loss that kapono would recognize on the exchange of the land? 2. assume the fair value of the farmland given is $424,000 instead of $760,000. what is the amount of gain or loss that kapono would recognize on the exchange? what is the initial value of the new land? 3. assume the same facts as requirement 1 and that the exchange lacked commercial substance. what is the amount of gain or loss that kapono would recognize on the exchange? what is the initial value of the new land?