(Answered) Taxpayer exchanges a warehouse for a building she will use

Accounting

Taxpayer exchanges a warehouse for a building she will use as an office building. The adjusted basis of the warehouse is $700,000 and the FMV of the office building is $350,000. In addition, the taxpayer receives cash of $150,000.

What is the realized gain or loss on the exchange?

What is the recognized gain or loss?

What is the basis of the office building?

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