LO.5 Sarah exchanges a building and land (used in its business) for Tyler's land and building and

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LO.5 Sarah exchanges a building and land (used in its business) for Tyler's land and building and some equipment (used in its business). The assets have the following characteristics: Sarah's real property Tyler's real property Equipment Adjusted Basis Fair Market Value $120,000 60,000 50,000 $300,000 220,000 80,000

a. What are Sarah's recognized gain or loss and basis for the land and building and equipment acquired from Tyler?

b. What are Tyler's recognized gain or loss and basis for the land and building acquired from Sarah?

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