9. Wayne Wyatt exchanges land with an adjusted basis of $300,000. and a FMV of $600,000. for Fred Forbes office building, worth $500,000. and $100,000 cash. Fred had an adjusted basis of $350,000. in the building.

1. ) What is Wayne's realized and recognized gain or loss and the basis in the office building?
2. ) What is Fred's realized and recognized gain or loss and the basis in the land?