Joe Jenner exchanges a business building with an adjusted basis of $120,000 (fair market value $150,000) for a business building worth $200,000. As part of the exchange, he gave up stock in Riveris Corporation worth $50,000 with a basis of $30,000.

a. What is Joe’s recognized gain and basis in the new property?

b. If the fair market value of the stock is $90,000 and the fair market value of Joe’s property is $110,000, what is Joe's recognized gain and basis in the new building?

c. If the fair market value of the stock is $20,000 and the fair market value of Joe’s property is $180,000, what is Joe’s recognized gain or loss and basis in the new building?