Cooper and Dane exchanged properties with each other. Cooper exchanged a commercial building and land with a basis of $200,000 and a fair market value of $400,000. The property exchanged by Cooper was also subject to a $160,000 liability that was assumed by Dane in the exchange. In addition to the liability assumption, Dane gave Cooper a smaller commercial building in a different location. That building had a fair market value of $330,000 and an adjusted basis to Dane of $260,000. The property exchanged by Dane was subject to a $120,000 liability that was assumed by Cooper in the exchange. To even up the exchange, Dane also gave Cooper $30,000 in cash.

What was Cooper's realized gain? **240000 is incorrect

What was Dain's realized gain? ***0 is incorrect

What was Cooper's recognized gain? ***30000 is incorrect

What was Cooper's adjusted basis for like-kind property received? ***250000 is incorrect

What was Dane's adjusted basis for like-kind property received? ***200000 is incorrect