38-41. X Corporation exchanged a warehouse located in New York for a warehouse located in New Jersey. The adjusted basis of the New York warehouse was $30,000. The fair market value of the New Jersey warehouse just prior to the exchange was $25,000. In addition to the warehouse, X Corporation also received $8,000 in cash. The amount realized by X Corporation is: a. $8,000 b. $33,000 c. $25,000 d. Zero e. None of the above The gain realized by X Corporation is: a. $5,000 b. Zero c. $3,000 d. None of the above The gain recognized by X Corporation on the exchange is: a. $8,000 b. $3,000 c. Zero d. None of the above The basis for X Corporation in the property received, the warehouse in New Jersey, is: a. $33,000 b. $30,000 c. $25,000 d. None of the above