Turquoise Realty Company owns an apartment house that has an adjusted basis of $760,000 but is subject to a mortgage of $192,000. Turquoise transfers the apartment house to Dove, Inc., and receives from Dove $120,000 in cash and an office building with a fair market value of $780,000 at the time of the exchange. Dove assumes the $192,000 mortgage on the apartment house.
a) Turquoise's realized gain is $_____
b) Its recognized gain is $______
c) The basis of the newly acquired office building is $_______