Perry Inc. and Dally Company entered into an exchange of real property. Here is the information for the properties to be exchanged. FMV Perry $500,000 410,000 Dally $530,000 283,000 100,000 Adjusted tax basis Mortgage 70,000 Pursuant to the exchange, Perry assumed the mortgage on the Dally property, and Dally assumed the mortgage on the Perry property. Compute Perry's gain recognized on the exchange and its tax basis in the property received from Dally. Select one: O a. No gain recognized; $410,000 basis in the Dally property. O b. No gain recognized; $440,000 basis in the Dally property. O c. $100,000 gain recognized; $410,000 basis in the Dally property. O d. None of these choices are correct