Problem 09-07 (Algo) [LO 9-2, 9-4] This year, Neil, Incorporated exchanged a business asset for an investment asset. Both assets had a $936,500 appraised FMV. Neils book basis in the business asset was $656,250, and its tax basis was $572,500. Required: Compute Neils book gain and tax gain assuming the exchange was a taxable transaction. Determine Neils book and tax basis of the investment asset acquired in the taxable exchange. Compute Neils book gain and tax gain assuming the exchange was a nontaxable transaction. Determine Neils book and tax basis of the investment asset acquired in the nontaxable exchange.