LO.2 Tab exchanges real estate used in his business along with stock for real estate to be held for investment. The stock transferred has an adjusted basis of $55,000 and a fair market value of $62,000. The real estate transferred has an adjusted basis of $74,000 and a fair market value of $200,000. The real estate acquired has a fair market value of

$262,000.

a. What is Tab’s realized gain or loss?

b. His recognized gain or loss?

c. The basis of the newly acquired real estate?