Tina owns an office building with a FMV of $2,000,000. Her basis in the office building is $500,000. Gene owns an apartment building with a FMV of $1,800,000. Tina exchanges her office building to Gene for his apartment building plus $200,000 cash. Genes basis in the apartment building is $750,000.

What is Tinas realized and recognized gain or loss? What is her basis in the apartment building?

What is Genes realized and recognized gain or loss? What is his basis in the office building?