Sarah exchanges a building and land (used in its business) for Tyler's land and building and some equipment (used in its business). The assets have the following characteristics:

a. What are Sarah's recognized gain or loss and basis for the land and building and equipment acquired from Tyler?
b. What are Tyler's recognized gain or loss and basis for the land and building acquired from Sarah?

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Adjusted Basis Fair Market Value Sarah's real property Tyler's real property Equipment $120,000 $300,000 220,000 60,000 80,000 50,000