DDD Corporation has agreed to exchange $50,000 and some raw land for a building owned by Jason

Question:

DDD has agreed to exchange $50,000 and some raw land for a building owned by Jason Briggs. DDD Corporation's land has a value of $600,000, a basis of $200,000 and is encumbered by a $200,000 mortgage that Briggs has agreed to assume. Briggs's building is valued at $450,000 and has a basis of $125,000.
a. What are DDD and Briggs's realized and recognized gains or losses on the exchange?
b. What are their deferred gains or losses?
c. What are their bases in the properties acquired? Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...