1. TP purchased a residential apartment building for $600,000. His accumulated depreciation on the building totals $200,000. In a transaction that qualifies for section 1031 deferral, TP sold the building for $1,500,000 and purchased a tract of undeveloped land as replacement property for $1,200,000. TPs realized gain, recognized gain, and basis in the replacement property is:

1. $1,440,000/0/$1,200,000
2. $1,440,000$300,000/$600,000
3. $1,100,000/$300,000/$400,000
4. $1,100,000/0/$1,200,000
5. None of the above