Tammy has a business which she decides to incorporate. She transfers to the new corporation real estate with a basis of $75,000 and subject to a $34,000 mortgage in exchange for all of its stock. The stock is worth $125,000.

What is Tammy’s realized gain? $ ____________ What is Tammy’s recognized gain? $ ____________ What is Tammy’s basis in her stock? $ ____________ What is the corporation’s basis in the real estate? $ ____________