LaRhonda owns an office building that has an adjusted basis of $48,000. The building is subject to a mortgage of $21,000. She transfers the building to Miguel in exchange for $16,000 cash and a warehouse with a FMV of $53,000. Miguel assumes the mortgage on the building. a What are LaRhonda's realized and recognized gain or loss? b. What is her basis in the newly acquired warehouse? a. b. |Basis of warehouse