Business K exchanged an old asset (FMV $96,000) for a new asset (FMV $96,000). Business Ks tax basis in the old asset was $116,000. Required: Compute Business Ks realized loss, recognized loss, and tax basis in the new asset assuming the exchange was a taxable transaction. Compute Business Ks realized loss, recognized loss, and tax basis in the new asset, assuming the exchange was a nontaxable transaction. Six months after the exchange, Business K sold the new asset for $105,000 cash. How much gain or loss does Business K recognize if the exchange was taxable? How much gain or loss if the exchange was nontaxable?