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Renee inherited farm land after her parents passed away.Renee's basis in the land is $600,000.Renee entered into a Section 1031 exchange in which she exchanged

Renee inherited farm land after her parents passed away.Renee's basis in the land is $600,000.Renee entered into a Section 1031 exchange in which she exchanged the farm land for an apartment building valued at $500,000 and $250,000 cash.

(a) What is the amount of Renee's realized and recognized gain?

(b) What is Renee's basis in the apartment building?

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