Can I get a break-down on each step because i don't just want the answer for the problem. I don't know what i'm doing wrong to not get the right answer.

Babex Inc and OMG company entered into an exchange of real property. Here is the information for the properties to be exchange.

Babex OMG

Fair Market Value 1,000,000 825,000

Adjusted Tax Basis 768,000 514,000

Mortgage 175,000 0

Pursuant to the exchange, OMG assumed the mortgage on Babex property.

Compute Babexs gain realized and gain recognized on the exchange an its tax basis in the property acquired from OMG.

Compute OMGs gain realixed and gain recognized on the exchange and its tax basis in the property acquired form Babex.