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Question 16 1 pts Old MacDonald transferred his farmland (100% business use) to Cow Corp in exchange for a parcel of unimproved urban real estate held by Cow Corp as an investment. The farm was valued at $4,000,000 and was subject to a mortgage obligation of $2,600,000. Old MacDonald's basis in the farm was $3,400,000. The urban real estate was valued at $4,500,000 and was subject to a mortgage of $3,100,000. The basis in the urban real estate was $3,600,000. Old MacDonald's Gain RECOGNIZED Cow Corp's Gain RECOGNIZED [Choose] $3,600,000 $600,000 $0 $500,000 $4,000,000 $3,900,000 $300,000 $1,100,000 $4,500,000 Old MacDonald's BASIS in New Property Cow Corp's BASIS in New Property