TP exchanges Prettyview Apartments, (that has an adjusted basis of $170,000 and a fair market value of $200,000 that TP purchased on May 1, 2012), for Mountainview Apartments owned by B, (that has an adjusted basis in B's hands of $135,000 and a fair market value of $180,000 that B purchased on December 30, 1999) plus $20,000 cash to be paid by B to TP.

1. How much, if any, gain must TP recognize?

2. What is his basis in his newly acquired property?

3. How does TP calculate his holding period?