Sarved Help Save & Exit Juillet owns an apartment building in New York City. It has a fair market value of $10,000,000 and a tax basis of $8,000,000. Josie owns land held for investment in Chicago. It has a fair market value of $ 7,000,000 and a tax basis of $1,000,000. In exchange for her apartment building, Juliet receives Josie's land and $3,000,000 of cash. What gain must Josie recognize and what is her basis in the apartment building received in the exchange? Multiple Choice Josie recognizes $3,000,000 goinbasis in apartment building $7000,000 se recognizes $3.000.000 gainbesis in apartment building 4.000.000 Oo oo Jose recognizes no gain Basis in apartment building $4,000,000 e recognizes no gainbespartment building S1000.000 Sarved Help Save & Exit Juillet owns an apartment building in New York City. It has a fair market value of $10,000,000 and a tax basis of $8,000,000. Josie owns land held for investment in Chicago. It has a fair market value of $ 7,000,000 and a tax basis of $1,000,000. In exchange for her apartment building, Juliet receives Josie's land and $3,000,000 of cash. What gain must Josie recognize and what is her basis in the apartment building received in the exchange? Multiple Choice Josie recognizes $3,000,000 goinbasis in apartment building $7000,000 se recognizes $3.000.000 gainbesis in apartment building 4.000.000 Oo oo Jose recognizes no gain Basis in apartment building $4,000,000 e recognizes no gainbespartment building S1000.000