In 2022, Sasha and Peter entered into a 1031 like-kind exchange. Sasha exchanged an apartment building in Washington for Peters apartment building in Oregon. Sashas apartment building had a fair market value of $650,000 and an adjusted basis of $400,000. A $150,000 mortgage also encumbers Sashas apartment buildingwhich Peter will assume. Peters building has a fair market value of $500,000 and an adjusted basis of $200,000.

a) What are Sashas and Peters realized and recognized gains and/or losses on the exchange ?

b) What are Sashas and Peters bases in the new buildings acquired?