This year, Neil, Incorporated exchanged a business asset for an investment asset. Both assets had a $971,000 appraised FMV. Neil's book basis in the business asset was $624,750, and its tax basis was $621,000. Required: a. Compute Neil's book gain and tax gain assuming the exchange was a taxable transaction. b. Determine Neil's book and tax basis of the investment asset acquired in the taxable exchange. c. Compute Neil's book gain and tax gain assuming the exchange was a nontaxable transaction. d. Determine Neil's book and tax basis of the investment asset acquired in the nontaxable exchange