Firm ML, a noncorporate taxpayer, exchanged residential rental property plus $17,100 cash for 20 acres of investment land with a $225,000 FMV. ML used the straight-line method to compute depreciation on the rental property. Required: a. Assuming that ML's exchange was negotiated at arm's length, what is the FMV of the rental property? b. If the adjusted basis of the rental property is $201,750, compute ML's realized and recognized gain. c. Compute ML's basis in the 20 acres of investment land