In 2018, Charlie exchanged a large rental unit in an apartment building having a fair market value of $350,000 for cash of $30,000 and a smaller rental hnit with a fair market value of $320,000. Her adjusted basis in the large unit is $280,000. How much gain should he recognize for this exchange and what is his basis in the smaller unit?.

A) Recognized gain is $0 and his basis in the smaller rental unit is $320,000

B) Recognized gain is $0 and his basis in the smaller rental unit is $250,000

C) Recognized gain is $30,000 and his basis in the smaller rental unit is $350,000

D) Recognized gain is $30,000 and his basis in the smaller rental unit is $280,000

E) None of the above