Sarah exchanges a building and land (used in her business) for Tyler's land and building and some equipment (used in his business). The assets have the following characteristics:

	Adjusted Basis			Fair Market Value
Sarahs real property	$120,000			$300,000
Tylers real property	60,000			220,000
Equipment	50,000			80,000

a. Sarah's recognized gain is $________. Her adjusted basis in the land and building she acquired from Tyler is $_____, and her adjusted basis in the equipment is $____.

b. Tyler's recognized gain is $_______, and his adjusted basis in the land and building he acquired from Sarah is $__________.