1. Johnson and Carolyn exchanged Building in a qualified like-kind exchange. Johnson gives up building with an adjusted basis of 150,000 (Fair Market Value of $205,000) in exchange for Carolyn's building with fair Market Value of $200,000 plus a cash of $5,000. How much gain should Johnson recognized on the exchange? a. $55,000 b. $50,000 c. $5,000 d. $200,000 2. What is Carolyn's basis in the building received in the exchange described in question 13 above, asuming she her basis in the building given up was $150,000? a. $200,000 b. $150,000 c. $155,000