Perry Inc. and Dally Company entered into an exchange of real property. Here is the information for the properties to be exchanged. 
Pursuant to the exchange, Perry assumed the mortgage on the Dally property, and Dally assumed the mortgage on the Perry property. Compute Perry's gain recognized on the exchange and its tax basis in the property received from Dally.
Definitions:
Legal Barriers
Restrictions imposed by law that limit the entry of new firms into an industry or protect existing firms from competition.
Predatory Pricing
A pricing strategy where a company sets prices below cost to eliminate competition and establish a monopoly over time.
Economies of Scale
Cost advantages that enterprises obtain due to their scale of operation, resulting in a reduced cost per unit.
Legal Barriers
Restrictions or regulations established by law that limit entry or operation in certain markets or industries.
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