FMV Adjusted tax basis Mortgage Kerry Molly $ 500,000 $ 530,000 410,000 283,000 70,000 100,000 Pursuant to the exchange, Kerry assumed the mortgage on the Molly property, and Molly assumed the mortgage on the Kerry property. Compute Molly's gain recognized on the exchange and its tax basis in the property received from Kerry. $30,000 gain recognized; $313,000 basis in the Kerry property. 100,000 gain recognized; $383,000 basis in the Kerry property. $30,000 gain recognized; $283,000 basis in the Kerry property. None of these choices are correct