Delta Corporation exchanges a warehouse for an office building from Gamma Corporation. Deltas 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.

What are Deltas realized and recognized gain or loss on the exchange?

Realized gain or loss:

Recognized gain or loss:

What is its deferred gain or loss?

Deferred gain of $

What is its basis in the building acquired?

Basis of $

How would your answers change if Deltas basis in the warehouse was $3,900,000?

Realized gain or loss:

Recognized gain or loss:

Deferred gain of $

Basis of $

How would your answers change if its basis in the warehouse was $4,150,000?

Realized gain or loss:

Recognized gain or loss:

Deferred gain of $

Basis of $