Bob owns a warehouse that is used in business while Rebecca owns land. Bob exchanges the warehouse for the land, which will be held for investment. The FMV of the warehouse is $440,000 (basis $240,000) and the warehouse is subject to a mortgage of $80,000, which is assumed by Rebecca. Bob receives $40,000 cash and the land, which has a FMV of $320,000 (basis of $260,000 to Rebecca).What are the amount realized, the amount of gain recognized by Bob, and Bob's new basis in the land received?

Amount realized	Gain realized	Gain recognized	Basis of property