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In 20X6, Hat Corporation exchanged an apartment complex in Dallas (purchased in 20X2; cost $540,000 adjusted basis $350,000) for an apartment complex in Houston (FMV $710,000). In 20x9, after deducting $90,000 of depreciation, Hat sells the Houston apartment complex for $780,000. Which of the following statements is true regarding these transactions? a. Hat's 25% gain is $280,000. b. Hat has ordinary income of $56,000 on the sale. c. Hat's 25% gain is $90,000. d. Hat has ordinary income of $18,000 on the sale. e. None of the answers provided is correct