Question: Patrick exchanges an warehouse building (adjusted basis $45,000 & FMV $110,000) and boot (Cope, Inc. stock: adjusted basis $8,000 & FMV $10,000) and receives an

Patrick exchanges an warehouse building (adjusted basis $45,000 & FMV $110,000) and boot (Cope, Inc. stock: adjusted basis $8,000 & FMV $10,000) and receives an office building with a FMV of $120,000. Assume all properties, other than boot, are business assets held for more than one year.

Question A: The taxpayer's recognized gain is.

Questions B: The taxpayer’s basis in the new office building is.

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