What is the basis of the new property in each of the following situations? What is the recognized gain or loss? Required: a. Rental house with an adjusted basis of $119,000 exchanged for a personal use river cottage with an FMV of $152,500. b. General Motors common stock with an adjusted basis of $25,500 exchanged for Quaker Oats common stock with an FMV of $18.750. c. Land and building with an adjusted basis of $26,700 used as a furniture repair shop exchanged for land and a building with an FMV of $56,800 used as a car dealership. d. An office building with an adjusted basis of $23,600 exchanged for a heavy-duty truck with an FMV of $29,600. Both properties are held for 100% business purposes. e. A residential rental property held for investment with an adjusted basis of $262,600 exchanged for a warehouse to be held for investment with an FMV of $212,300 (For all requirements, if no gain or loss is recognized, select "No gain/loss".) Amount a Basis of the new property b Basis of the new property Basis of the new property d. Basis of the new property Basis of the new property