Payton owns a building used in his business with an adjusted basis of $440,000 and a $675,000 FMV. He exchanges the building for a building owned by Doug Doug's building has a $750,000 FMV but is subject to a $75,000 liability. Payton assumes Doug's liability and uses the building in his business. Read the requirements Requirement a. What is Payton's realized gain? The realized gain is Requirement b. What is Payton's recognized gain? (If there is no recognized gain, make sure to enter "0" in the appropriate coll.) The recognized gain is Requirement c. What is Payton's basis for the building received? Payton's basis for the building received is Enter any number in the edit fields and then continue to the next question Payton owns a building used in his business with an adjusted basis of $440,000 and a $675,000 FMV. He exchanges the building for a building owned by Doug. Doug's building has a $750,000 FMV but is subject to a $75,000 liability. Payton assumes Doug's liability and uses the building in his business. Read the requirements - X Requirements Requirement a. What is Payton The realized gain is What is Payton's a realized gain? Requirement b. What is Payton b. recognized gain? enter"0" in the appropriate cell.) c. basis for the building received? The recognized gain is Requirement c. What is Payton Print Done Payton's basis for the building re Enter any number in the edit fields and then continue to the next