Brett and Illain formed a new Corporation by transferring the following assets in exchange for stock: ▪ Brett transferred: Property subject to a 70,000 mortgage; FMV $1,000000, Basis 500,000. In exchange, she received 200 shares of Stock and relief of the mortgage liability. ▪ Illain transferred: Inventory with a Basis of 15,000 and FMV 150,000. Required: a. What is Brett’s basis in the stock she received b. What is Brett’s recognized gain/loss

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