Delta Corporation exchanges a warehouse for an office building from Gamma Corporation. Delta's warehouse has a fair market value of $4,000,000 and a basis of $2,250,000. The office building has a fair market value of $3,750,000, so Delta received $250,000 cash from Gamma to complete the exchange.

1. What are Delta's realized and recognized gain or loss on the exchange?
2. What is its deferred gain or loss?
3. What is its basis in the building acquired?
4. How would your answers change if Delta's basis in the warehouse was $3,900,000?
5. How would your answers change if its basis in the warehouse was $4,150,000?