Babex Incorporated and OMG Company entered into an exchange of real property. Here is the information for the properties to be exchanged. FMV Babex OMG $ 1,000,000 $ 825,000 Adjusted tax basis 768,000 514,500 Mortgage 175,000 -0- Pursuant to the exchange, OMG assumed the mortgage on the Babex property. Compute OMG's gain recognized on the exchange and its tax basis in the property received from Babex. Multiple Choice $175,000 gain recognized: $514,500 basis in Babex property K No gain recognized; $689,500 basis in Babex property, . Multiple Choice $175,000 gain recognized; $514,500 basis in Babex property No gain recognized: $689,500 basis in Babex property. pter 6-9 Saved Help Save & Exit Submit IPM Incorporated and Zeta Company formed iPeta Incorporated by transferring business assets in exchange for 1.000 shares of IPeta common stock. IPM transferred assets with a $675,000 FMV and a $283.000 adjusted tax basis and received 600 shares. Zeta transferred assets with a $450,000 FMV and a $98.000 adjusted tax basis and received 400 shares. Determine IPM and Zeta's tax basis in their IPeta stock and IPeta's aggregate tax basis in the transferred assets. Multiple Choice IPM's basis $283,000, Zeta's basis $450,000; Peta's basis $733,000