Nancy and Tonya exchanged assets. Naney gave Tonya her personal residence with an adjusted basis of $280,000 and a fair market value of $560,000. The house has a mortgage of $200,000, which is assumed by Tonya. Tonya gave Nancy a yacht used in her business with an adjusted basis of $250,000 and a fair market value of $360,000. What is Tonya's realized and recognized gain? $310,000 realized and $310,000 recognized gain. 2 $310,000 realized and $0 recognized gain 3 $110,000 realized and $110,000 recognized gain. 4 $110,000 realized and $0 recognized gain