This year, Neil, Incorporated exchanged a business asset for an investment asset. Both assets had a $$1,020,000$ appraised FMV$.$ Neils book basis in the business asset was $$638,250,$ and its tax basis was $$598,500.$Required:Compute Neils book gain and tax gain assuming the exchange was a taxable transaction.Determine Neils book and tax basis of the investment asset acquired in the taxable exchange.Compute Neils book gain and tax gain assuming the exchange was a nontaxable transaction.Determine Neils book and tax basis of the investment asset acquired in the nontaxable exchange.