Robert and Frank entered into an agreement where Robert exchanges his office building for Frank's farmhouse. The office building has a FMV of $480,000. Robert purchased the building in 2004 for $275,000 and has taken $65,000 of depreciation. Also, Robert has a mortgage on the building of $80,000, which Frank has agreed to assume. In exchange for the Robert's building Frank will transfer his farmhouse (FMV $350,000/ adjusted basis $225,000) plus equipment with a FMV of $50,000 and an A/B of $85,000. What is the amount realized by Robert on the exchange of his building? a. $480,000 b. $430,000 C. $400,000 d. $350,000 e. None of the above. What is Robert's realized gain? a. $0 b. $480,000 c. $270,000 d. $205,000 e. None of the above QUESTION 24 O What is Robert's recognized gain? a. $0 b. $270,000 c. $50,000 d. $130,000 O e. None of the above. QUESTION 25 What is Robert's adjusted basis in the farmhouse after the exchange? O a $340,000 b. $210,000 c. $275,000 d. $370,000 Oe. None of the above. QUESTION 26 What is Frank basis in the building after the exchange? O a. $355,000 O b. $225,000 c. $275,000 Od. $305,000 e. None of the above