Mark owns an apartment building that has an adjusted basis of $1,100,000. He exchanges it with Mary who has an office building with a fair market value of $1,300,000. The apartment building has 5 stories and 40 units. The office building is 3 strories and 7 units.

What is Mark's recognized gain or loss on this exchange?

Group of answer choices

$0

$200,000 long-term capital gain

$200,000 long-term capital loss

$200,000 ordinary gain