Elliot Mess exchanged a 12-unit apartment complex with Alfred Cappy for a 100-space mini warehouse property. Elliot also received cash of $5,000. The transaction is as follows:

Apartments:

Fair market value $ 480,000

Liability assumed by Alfred 200,000

Adjusted basis to Elliot 280,000

Mini warehouses:

Fair market value $ 515,000

Liability assumed by Elliot 240,000

a. How much is Elliott's gain or loss recognized?

b. How much is Elliott's basis in the mini-warehouses?

Please show calculations for both parts!