Katie exchanges a building and land $($used in its business$)$ for Tyler's land and building and some equipment $($used in its business$).$

Adjusted Basis Fair Market Value

Katie's real property $$5,280$ $$13,200$

Tyler's real property $2,64010,560$

Tyler's equipment $2,3763,960$

Question Content Area

a$.$ What are Katie's recognized gain or loss and basis for the land and building and equipment acquired from Tyler?

Her recognized

is $fill in the blank fb$70$cff$1405$e$06$c$\_2.$ Her adjusted basis in the land and building she acquired from Tyler is $fill in the blank fb$70$cff$1405$e$06$c$\_3,$ and her adjusted basis in the equipment is $fill in the blank fb$70$cff$1405$e$06$c$\_4.$

Question Content Area

b$.$ What are Tyler's recognized gain or loss and basis for the land and building acquired from Katie?

Tyler's recognized

is $fill in the blank a$78$f$66028$faf$012\_2,$ and his adjusted basis in the land and building he acquired from Katie is $fill in the blank a$78$f$66028$faf$012\_3.$