Turquoise Realty Company owns an apartment house that has an adjusted basis of $760,000 but is subject to a mortgage of $192,000. The FMV of the apartment house is $1,092,000. Dove, Inc. owns an office building that has an adjusted basis of $400,000 and a FMV of $780,000. Dove and Turquoise exchange the apartment house and office building. Dove also gives to Turquoise cash of $120,000. Dove also assumes the $192,000 mortgage on the apartment house.

1. What is Turquoises realized gain or loss?
2. What is its recognized gain or loss?
3. What is the basis of the newly acquired office building?
4. What is Doves realized gain or loss?
5. What is Doves recognized gain or loss?
6. What basis does Dove take in the newly acquired apartment house?