Elaine exchanges a lot of land that is used exclusively for business purposes for another lot that also is to be used exclusively for business. The adjusted basis for the old lot is $22.900. and its FMV is $18.000. Required: a. Calculate Elaine's recognized gain or loss on the exchange. (if no gain or loss is recognized. select "No gain/loss".) b. Calculate Elaine's basis for the lot she receives. Amount b. basis for the lot