Paul owns a building used in his business with an adjusted basis of $340,000 and a $750,000

Question:

Paul owns a building used in his business with an adjusted basis of $340,000 and a $750,000 FMV. He exchanges the building for a building owned by Kelley. Kelley’s building has a $950,000 FMV but is subject to a $200,000 liability. Paul assumes Kelley’s liability and uses the building in his business. What is Paul’s
a. Realized gain?
b. Recognized gain?
c. Basis for the building received?

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