Mary and Margaret are exchanging business properties. Mary

Mary and Margaret are exchanging business properties. Mary is transferring to Margaret her apartment building with a fmv of $500,000, a basis of $100,000 and subject to a mortgage of $300,000. In addition, she is transferring GM stock with a fmv of $10,000 and a basis of $15,000. In return, Margaret is transferring to Mary her farm. It has a fmv of $300,000 and a basis of $350,000 and is subject to a mortgage of $250,000 In addition, she is transferring equipment with fmv of $160,000 and a basis of $75,000. Determine both person’s: realized gains, recognized gains, and basis in all assets received. Finally, suggest how to restructure the transaction to reduce the current recognized gain to any and all parties. Be certain to show all your work on this problem.