Question: Jake Corp. exchanged land valued at $250,000 (adjusted basis = $175,000) for a building owned by Tiger Corporation valued at $350,000 (adjusted basis = $200,000)

Jake Corp. exchanged land valued at $250,000 (adjusted basis = $175,000) for a building owned by Tiger Corporation valued at $350,000 (adjusted basis = $200,000) and $50,000 cash. In addition, Jake Corp. assumed the $150,000 mortgage on Tigers building. What are Jakes and Tigers recognized gain or loss, respectively?

A 0, 0

B. $50,000, $100,000

C. $50,000, $150,000

D. $75,000, $150,000

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