Doug owns a warehouse with an adjusted basis of $120,000 and a fair market value of $276,000, that he uses in his business. The warehouse is subject to an $96,000 liability. Doug plans to exchange the warehouse for an office building owned by Edward that has a fair market value of $300,000, but is subject to a liability of $180,000. Edward has a basis in his office building of $72,000, and has always held the office building for investment. Edward will also transfer $60,000 cash to Doug along with the office building. Doug will assume Edwards $180,000 liability and Edward will assume Dougs $96,000 liability in the exchange. Give the tax consequences of this proposed exchange for both Doug and Edward, including their realized and recognized gain or loss and their adjusted basis in the properties received.