Find for a and b:

Realized gain

Recognized gain

Basis

Alice and Brendan exchanged the following business real estate: Undeveloped Commercial land building (exchanged (exchanged by Alice) by Brendan) $975,000 $1,570,000 (595,000) $975,000 $ 975,000 -0- FMV Mortgage Equity a. If Alice's adjusted basis in the undeveloped land was $360,000, compute Alice's realized gain, recognized gain, and basis in the commercial building received in the exchange. b. If Brendan's adjusted basis in the commercial building was $790,000, compute Brendan's realized gain, recognized gain, and basis in the undeveloped land received in the exchange. Alice and Brendan exchanged the following business real estate: Undeveloped Commercial land building (exchanged (exchanged by Alice) by Brendan) $975,000 $1,570,000 (595,000) $975,000 $ 975,000 -0- FMV Mortgage Equity a. If Alice's adjusted basis in the undeveloped land was $360,000, compute Alice's realized gain, recognized gain, and basis in the commercial building received in the exchange. b. If Brendan's adjusted basis in the commercial building was $790,000, compute Brendan's realized gain, recognized gain, and basis in the undeveloped land received in the exchange