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
Sarah's real property	$8,080			$20,200
Tyler's real property	4,040			16,160
Equipment	3,636			6,060

a. What are Sarah's recognized gain or loss and basis for the land and building and equipment acquired from Tyler? Her 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. What are Tyler's recognized gain or loss and basis for the land and building acquired from Sarah? Tyler's recognized

gain is $________, and his adjusted basis in the land and building he acquired from Sarah is $___________.