Rey traded an office building used in her business for some land. She originally purchased the building for $400,000; it had a fair market value of $620,000 and an adjusted basis of $225,000 at the time of the exchange. The land had a fair market value of $600,000. Rey gave $20,000 to the seller to complete the transaction.

1. What is Reys adjusted basis in the land after the trade?

2. Does the office-for-land trade qualify as a like-kind exchange?

3. What is Reys realized gain/loss in the transaction?

4. What is Reys recognized gain/loss in the transaction