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Problem 7-25 (Algorithmic) ( LO. 2 ) Katie exchanges a building and land (used in its business) for Tyler's land and building and some equipment (used in its business). a. What are Katie's recognized gain or loss and basis for the land and building and equipment acquired from Tyler? Her recognized is 4 - Her adiusted basis in the land and building she acquired from Tyler is and her adjusted basis in the equipment is : b. What are Tyler's recognized gain or loss and basis for the land and building acquired from Katie? Tyler's recognized is 3 and his adjusted basis in the land and building he acquired from Katie is