Agnes transfers a four-apartment investment condominium subject to a non-recourse mortgage to Brad. Brad, in return, transfers to Agnes a residential rental apartment building subject to a non-recourse mortgage. Agnes's condo cost $500,000 and she has taken depreciation of $25,000. The amount of the non-recourse debt is $475,000. The fair market value of the condo is $600,000. Brad's apartment building cost $700,000 and has a current fair market value of $600,000. He has taken depreciation deductions of $100,000 and the amount of the non-recourse debt is $600,000. As a result of this exchange transaction

a) Brad has given up boot of $125,000.

b) Agnes has received boot of $125,000.

c) Brad has received boot of $125,000.

d) Agnes has given up boot of $475,000.