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@jlew1229 wrote:

  

the basis of the like kind property received is $898,848.00 (line 25)

 

I thought the gain from the first would reduce the basis of $898,848.00 and that is how it was accounted for.  So, 898,848.00 - 1,155,733 = $-256,885.00.

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The $898,848 on line 25 is the already reduced Basis.

The Basis of the new property BEFORE the Exchange is the likely the FMV on line 16 (some of the other lines may be factored in when calculation line 25).