Gretel exchanges a warehouse with an adjusted basis of $150,000 and fair market value of $160,000 for a mini-storage building with a fair market value of $100,000 and $60,000 cash. What are the recognized gain or loss and the basis of the mini-storage building?

a. $0 gain and $150,000 basis.

b. $10,000 gain and $100,000 basis.

c. $10,000 gain and $150,000 basis.

d. ($10,000) loss and $160,000 basis.