emmett embers exchanges a business building with an adjusted basis of $207,000 and a fair market value of $300,000 for george gunn's land to be held as an investment with an adjusted basis of $165,000 and a fair market value of $390,000. emmett assumes george's $90,000 mortgage on the land. determine emmett's and george's realized gain or loss, now recognized gain or loss, and the basis in the new property.