a) Glen owns a building that is used in business. The but is subject to a mortgage of Gen's basis in the building is $120,000 Glen exchanges the building for investmert land worth $150,000 plas $10000 cash. In addition the other the mortgage which will be held for i s gain realized? How nuch gain must Gilen recognize? What will be the basis of the Glen is Glen's received? b) Jason owns a warehouse that is used in business. The FMV of the warehouse is $200,000 (basis $120,000), and the warehouse is subject to a mortgage of $40,000. Jason exchanges the warehouse for land valued at $150,000. Tve other party also pays him $10,000 cash and assumes the mortgage on the warehouse. How much is Jason's gain realized? How much gain will Jason recognize? What will Jason's basis in the land received be after the transaction? 4. (3 points) What three conditions must be met for a completely tax-free incorporation? Be specific. e What is the amount and character of gain on the sale of the building? How much of the gain on the building will be treated as unrecaptured section 1250 gain, i.e., subject to a maximum rate of 25%? d