Zach exchanges land held for investment for an office building used in a business owned by Julie. The fair market value of Zach's land is $240,000 and his adjusted basis in the land is $128,000. Zach's land is subject to a liability of $48,000 which is assumed by Julie. Zach receives $32,000 cash and Julie's office building which has a fair market value of $160,000 and an adjusted basis to Julie of $144,000. Give the realized gain or loss, any recognized gain or loss, and the adjusted basis in the properties received for both Zach and Julie on the exchange.