QUESTIONS Randy exchanges a warehouse for a building he will use as an office building. The adjusted basis of the warehouse is $600,000 and the fair market value of the office building is $300,000. In addition, Randy receives cash of $200,000. What is the recognized gain or loss and the basis of the office building a. $0 and 400.000 b. 50 and $450,000 (5150,000) and $300,000 d. ($200,000) and $350,000 e. None of the above