Bradley owns a duplex used as rental property. The duplex has a basis of $82,000 and $360,000 FMV. He transfers the duplex to Cathy, his sister, in exchange for a triplex that she owns. The triplex has a basis of $270,000 and a $360,000 FMV. Two months after the exchange, Cathy sells the duplex to a business associate for $374,000. Requirements Determine: a. Bradley's realized and recognized gain on the exchange. b. Cathy's realized and recognized gain on the exchange. Requirement a. Determine Bradley'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 Determine Bradley's recognized gain on the exchange. The recognized gain is Requirement b. Determine Cathy's realized and recognized gain on the exchange (with Bradley). Begin with the realized gain. First identify the formula, then enter the applicable amounts and calculate the realized gain. Realized gain Determine Cathy's recognized gain on the exchange (with Bradley). The recognized gain is Determine Cathy's realized gain on the sale of the duplex. First identify the formula, then enter the applicable amounts and calculate the realized gain. Realized gain Determine Cathy's recognized gain on the the sale of the duplex. The recognized gain is