Question: Martin exchanges a warehouse for a building he will use as an office building. The adjusted basis of the warehouse is $ 6 0 0

Martin 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, Martin receives cash of $150,000. What is the recognized gain or loss and the basis of the office building?
a. $0 and $450,000.
b.($200,000) and $350,000.
c.($150,000) and $300,000.
d. $0 and $350,000.

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