Hi, please answer the following question and show your work. Thank you and hope you have a good weekend.

Question 1 2.3 pts In 2021, Sookie exchanged real estate used in her business for business real estate owned by Gabby. On the date of the exchange, Sookie received Gabby's property which had a fair market value of $ 1,000,000. Sookie's property had a fair market value of $ 950,000, and Sookie's basis in the property was $ 700,000. In addition to the property Sookie gave Gabby $ 50,000. How much gain will Sookie realize and what is her adjusted basis in the property she receives from Gabby? $ 250,000 gain and $ 1,000,000 basis in the property received. $ 0 realized gain and $ 700,000 basis in the property received. $ 300,000 realized gain and $ $ 1,000.000 basis in the property received. $ 0 realized gain and $ 750,000 basis in the property received. $ 50,000 realized gain and $ 700,000 basis in the property received