Elastigirl owns a piece of real property with an adjusted basis of $480,000 and a fair market value of $1,000,000 and which is subject to a $400,000 mortgage. She exchanges the real property for an office building owned by Screenslaver. The building has an adjusted basis of $400,000 and a fair market value of $500,000. Screenslaver assumes Elastigirls mortgage on the land and transfers stock with an adjusted basis of $150,000 and a fair market value of $100,000 to Elastigirl as part of the exchange.

a. What is Elastigirls realized and recognized gain or loss on the exchange?

b. What is Screenslavers realized and recognized gain or loss on the exchange?

c. What are the parties adjusted bases for each piece of property received?