QUESTION 9 Karen exchanges a rental building, which has an adjusted basis of SS20,000, for investment land which has a fair market value of $500,000. In addition, Pam receives $100,000 in cash. What is the recognized gain or loss and the basis of the investment land? a. 50 and $420,000 6. $80,000 and $500,000 $100,000 and $520,000 d. $280,000 and $700,000. e. None of the above