Sara transfers land (a capital asset) having a $30,000 adjusted basis to Temple Corporation in a Sec. 351 exchange. In return, Sara receives the following consideration:
Consideration FMV
100 shares of Temple common stock ……………………. $100,000
50 shares of Temple qualified preferred stock ………….. 50,000
Temple note due in three years …………………………..  20,000
Total ………………………………………………………   $170,000
a. What are the amount and character of Sara’s recognized gain or loss?
b. What is Sara’s basis in her common stock, preferred stock, and note?
c. What is Temple’s basis in the land?