Paul owns a building used in his business with an adjusted basis of $340,000 and a $750,000 FMV. He exchanges the building for a building owned by Kelley. Kelley's building has a $950,000 FMV but is subject to a $200,000 liability. Paul assumes Kelley's liability and uses the building in his business. Read the requirements. Requirement a. What is Paul's realized gain? The realized gain is Requirements What is Paul's Requirement b. What is Paul's recognized gain? (If there is no recognized gain, make sure to enter "0" in the appropriate cell.) The recognized gain is Requirement c. What is Paul's basis for the building received? Paul's basis for the building received is Enter any number in the edit fields and then continue to the next question. a. realized gain? b. recognized gain? c. basis for the building received? Print Done