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

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Accounting

Sarah exchanges a building and land (used in her business) for Tyler's land and building and some equipment (used in his business). The assets have the following characteristics:

Adjusted Basis Fair Market Value
Sarahs real property $120,000 $300,000
Tylers real property 60,000 220,000
Equipment 50,000 80,000

a. Sarah's recognized gain is $________. Her adjusted basis in the land and building she acquired from Tyler is $_____, and her adjusted basis in the equipment is $____.

b. Tyler's recognized gain is $_______, and his adjusted basis in the land and building he acquired from Sarah is $__________.

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