Elana 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 $$22,200,$ and its FMV is $$17,500.$

Required:

a$.$ Calculate Elana's recognized gain or loss on the exchange.

Note: If no gain or loss is recognized, select $"$No gain or loss".

b$.$ Calculate Elana's basis for the lot she receives.

$\backslash$table$[[,$Amount$],[$a$.,$No gain or loss,$],[$b$.,$Basis for the lot,$]]$