Lance trades a refrigerator that he uses in his tavern for a freezer that Jane has in her basement. The fair market value of the refrigerator is $850, and Lance's adjusted basis is $125. The FMV of the freezer is $850, and Jane's adjusted basis is $175. Lance plans to use the freezer in his tavern. Assume that the exchange is like-kind. What is Lance's realized gain or loss?

a. $850

b. $725

c. $0

d. $125