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 $23,250, and its FMV is $18,250. 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