Katie exchanges a building and land (used in her business) for Tyler's land and building and some equipment (used in his business). The assets have the following characteristics: Adjusted Basis Fair Market Value Katie's real property $120,000 $300,000 Tyler's real property 60,000 220,000 Equipment 50,000 80,000 a. What are Katie's recognized gain or loss and basis for the land and building and equipment acquired from Tyler? Her recognized gain is Her adjusted basis in the land and building she acquired from Tyler, is and her adjusted basis in the equipmer Accounting numeric field b. What are Tyler's recognized gain or loss and basis for the land and building acquired from Katie? Tyler's recognized gain 10,100 , and his adjusted basis in the land and building he acquired from Katie is