Ultra Inc. and Lyle Company entered into an exchange of real property. Here is the information for the properties to be exchanged. Ultra Lyle FMV $1,000,000 $800,000 Adjusted tax basis 519,000 514,500 Mortgage 200,000 Pursuant to the exchange, Lyle assumed the mortgage on the Ultra property. Compute Ultra's deferred gain on the exchange and its tax basis in the property received from Lyle. $514,500 deferred gain; $519,000 basis in Lyle property No deferred gain; $800,000 basis in Lyle property $281,000 deferred gain; $519,000 basis in Lyle property $200,000 deferred gain; $519,000 basis in Lyle property.