Tom and his wife want to sell their ranch in Florida (FMV $1.500,000 / basis $400,000 ) and move to Montana. While looking for land in Montana they met with a rancher, Wrex, who wants to move to Florida. He owns land with a FMV of $1,000,000 and a basis of $100,000. Tom and his wife told him it was not an acceptable exchange. Wrex has countered by adding cash of $500,000. If Tom and his wife accept his offer, how much recognized gain will they be taxed on? What is Tom and his wife's basis in Montana land? What is Wrex's basis in the ranch in Florida? $500,000;$1,000,000;$1,500,000$500,000;$400,000;$100,000$1.100,000;$100,000;$400,000