Saved Help Save & Exit Juliet 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, Juillet receives Josie's land and $3,000,000 of cash. What gain must Juliet recognize and what is her basis in the land received in the exchange? Multiple Choice C ) Jurco no bases in and $8,000,000 recognizes $2,000,000 gain Basis in and $10.000.000 Metrecognizes $3,000,000 gain; basis inland $8.000.000 ooo o het recognizes $2,000,000 gain, bis in land $7000,000