Frank exchanges his apartment building $($FMV $$4,555,000$; AB $$800,000)$ and for Nico$$s apartment building $($FMV $$4,000,000$; AB $$800,000)$ and $$555,000$ cash. step by step

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$($a$)$ What is Nico$$s realized gain or loss? 

 

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$($b$)$ What is Nico$$s recognized gain or loss? 

 

$($c$)$ What is Frank$$s recognized gain or loss?