Bill owns a duplex used as rental property. The duplex has a basis of $86,000 and $350,000 FMV. He transfers the duplex to Camile, his sister, in exchange for a triplex that she owns. The triplex has a basis of $276,000 and a $350,000 FMV. Two months after the exchange, Camile sells the duplex to a business associate for $357,000. Requirements Determine: Bill's realized and recognized gain on the exchange. Camile's realized and recognized gain on the exchange. a. b. Requirement a. Determine Bill's realized and recognized gain on the exchange. Begin with the realized gain. First identify the formula, then enter the applicable amounts and calculate the realized gain. Realized gain