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Willow Corporation exchanged land valued at $250,000 (adjusted basis = $175,000) for a building owned by Tree Corporation valued at $350,000 (adjusted basis = $200,000) and $50,000 cash.
In addition, Willow assumed the $150,000 mortgage on Tree's building.
What are Willow and Tree's realized gains or losses on the properties exchanged, respectively?
1. $75,000, 0
2. $75,000, $150,000
3. $225,000, $150,000
4. $225,000, $200,000
5. None of the above
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