Workout Problem 5a: Chase owns an apartment building that he bought a few years ago. His current basis in the property is $525,000. The building has a mortgage of $300,000. He completes a proper Sec 1031 exchange with Beckett for Beckett's row of condominiums. The value of the condos at the time of exchange was $720,000. The condos also have a mortgage of $280,000. Both mortgages are assumed by the respective buyers. What is the recognized gain/loss--if any--for Chase from this transaction? Enter a value Question 11 3 pts Workout Problem 5b: What is Chase's basis in the condominiums after the exchange? Enter a value