Sarah exchanges a warehouse for a building she 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, the taxpayer receives cash of $$150,000.$ Which of the following statements is correct?

Group of answer choices

The recognized gain or loss and the basis of the office building is: $($$$200,000)$ and $$350,000.$

The recognized gain or loss and the basis of the office building is:$$0$ and $$350,000.$

The recognized gain or loss and the basis of the office building is: $($$$150,000)$ and $$300,000.$

The recognized gain or loss and the basis of the office building is: $$0$ and $$450,000.$