Question: Philip owned a parcel of land he had purchased for $300,000 in 2010. On March 2, 2016, he exchanged the land small building with a fair market value of $400,000, a 1957 Chevy with a fair value of $40,000, and $60,000 in marketable securities. What is Philip's realized and recognized gain or loss on the exchange. What is Philip's basis in each of the assets he now owns? Explain your answer fully.