Question7 1 pts As part of a valid section 1031 exchange, Ty Coon exchanges some of his vacant land for an apartment building which he intends to rent out to others. The land has an adjusted basis of $282,000. He exchanges into the apartment building at its fair market value of $256,000, and also receives cash of $28,000 In this transaction, Ty Coon's recognized gain or loss is and his basis in the apartment building would be (Do not use dollar signs, commas or decimals. Numbers only.)