Harold transfers Blackacre to Maude in exchange for Whiteacre and $125,000 in cash. The two parcels of land have the following tax attributes: Blackacre Whiteacre Fair market value $450,000 $300,000 Basis $200,000 $375,000 Mortgage $100,000 $75,000 Assuming these properties are held as an investment for both Harold and Maude, analyze the tax consequences of the transaction to each party. How much gain or loss does each party recognize? What is the basis of the properties held by each at the end of the transaction? How much of each party's gain or loss is postponed?