Fabian has owned a vacant that he held for investment purposes in Nebraska for six years that he exchanges for an apartment building in the current year. The vacant lot has an adjusted basis of $550,000 and a fair market value of $800,000. The apartment building has an adjusted basis to the owner of $375,000 and a fair market value of $800,000.

a)What is Fabian's realized gain/loss?

Fabian's realized gain/loss is $________

b)What is Fabian's recognized gain//loss?

Fabian's recognized gain/loss is $__________

c)What is Fabian's basis in the apartment building?

Fabian's basis in the apartment building $_________

d)What is the holding period for Fabian in the apartment building?

His holding period in the apartment building received is (four/five/six) years because it includes the holding period of the transferred lot.