1. Mary owns an apartment building that has an adjusted basis of $1,280,000 but subject to a mortgage of $420,000. Mary transfers the apartment building to Gary, and receives from Gary $330,000 in cash and an office building with a fair market value of $780,000 at the time of the exchange. Gary assumes the $420,000 mortgage on the apartment. The transfer is a like-kind exchange. a) what is Mary's realized gain/ loss? b) what is Mary' recognized gain/loss? c) what is Mary's basis of the newly acquired office building