Daniel owns a piece of land held for investment purposes. He exchanges the land locked parcel fora waterfront property, still held for investment purposes. The land-locked parcel has a market value of $153100 and a basis of $43200. The waterfront property has a market value of $250300.Calculate the realized and/or recognized gain on the exchange.

$207100 realized and recognized $97200 realized; $0 recognized $97200 realized and recognized $207100 realized; $0 recognized