Moss 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,Moss receives cash of $150,000.What is the recognized gain or loss and the basis of the office building?
A)$0 and $350,000.
B)$0 and $450,000.
C)($150,000)and $300,000.
D)($200,000)and $350,000.
E)None of these.

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The Answer of Moss 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,Moss receives cash of $150,000.What is the recognized gain or loss and the basis of the office building?
A)$0 and $350,000.
B)$0 and $450,000.
C)($150,000)and $300,000.
D)($200,000)and $350,000.
E)None of these.

Moss Exchanges a Warehouse for a Building He Will Use