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 $9,760 $24,400 Tyler's real property 4,880 Equipment 4,392 19,520 7,320 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 equipment is $ Feedback Check My Work b. What are Tyler's recognized gain or loss and basis for the land and building acquired from Katie? Tyler's recognized gain is $ and his adjusted basis in the land and building he acquired from Katie is