Joe exchanged his personal use residence (House 1, FMV = $600,000) with Betty. Joe purchased the residence one year ago for $348,000. Joe paid $2,000 in acquisition costs to purchase the residence. In the exchange, Betty gave Joe a vacation house (House 2, FMV = $600,000). Betty originally purchased the vacation house for $100,000. What is Joe's gain or loss recognized as a result of the exchange? Question 18 0.25 pts What is Joe's basis in House 2 immediately after the exchange