Alice and Brendan exchanged the following business real estate:

a. If Alice's adjusted basis in the undeveloped land was $360,000, compute Alice's realized gain, recognized gain, and basis in the commercial building received in the exchange.
b. If Brendan's adjusted basis in the commercial building was $790,000, compute Brendan's realized gain, recognized gain, and basis in the undeveloped land received in the exchange?

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Undeveloped Land (exchanged by Alice) Commercial Building (exchanged by Brendan) $975,000 -0- $975,000 $1,570,000 (595,000) $ 975,000 FMV Mortgage Equity