Bob owns a duplex used as rental property. The duplex has a basis of $86,000 and $300,000 FMV. He…

Bob owns a duplex used as rental property. The duplex has a basis of $86,000 and $300,000 FMV. He transfers the duplex to Cindy, his sister, in exchange for a triplex that she owns. The triplex has a basis of $279,000 and a $300,000 FMV. Two months after the exchange, Cindy sells the duplex to a business associate for $312,000. Determine:

a. Bob’s realized and recognized gain on the exchange.

b. Cindy’s realized and recognized gain on the exchange.

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