Parker Exchanges an Apartment Building in Wisconsin for Cassidy's Apartment

Essay

Parker exchanges an apartment building in Wisconsin for Cassidy's apartment building in Florida. Parker's building has a fair market value of $500,000, is encumbered by a $200,000 mortgage, and has a basis of $275,000. Cassidy's building has a fair market value of $350,000, is encumbered by a $50,000 mortgage, and has a basis of $175,000. They each assume the mortgages on the properties received. What are Parker's and Cassidy's amounts realized, their realized gain or loss, and their recognized gain or loss on the buildings exchanged?