3) Walter swaps his warehouse for Sally's office building, and the exchange qualifies as a like- kind exchange. Walter's adjusted basis for the warehouse is $500,000 and the warehouse is subject to a liability of $150,000. The FMV of Sally's office building is $740,000 and it is subject to a liability of $95,000. Each asset is transferred subject to the liability. What is Walter's recognized gain, if any, on the transaction; and what is his basis in the office building