Question: 9. Moss exchanges a warehouse for a building he will use as an office building. The adjusted basis of the warehouse is $600,000 and the

9. Moss exchanges a warehouse for a building he will use as an office building. The adjusted basis of the warehouse is $600,000 and the fair market value of the office building is $350,000. In addition, Moss receives cash of $150,000. What is the recognized gain or loss and the basis of the office building? a. $0 and $350,000. b. $0 and $450,000. c. ($150,000) and $300,000 d. ($200,000) and $350,000. e. None of the above

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