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

	Adjusted Basis			Fair Market Value
Sarahs real property	$4,160			$10,400
Tylers real property	2,080			8,320
Equipment	1,872			3,120

a. Sarah's recognized (gain or loss) 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 or loss) is $........, and his adjusted basis in the land and building he acquired from Sarah is $............