(1) In order to acquire Property #1, Holly transfers $50,000 of cash to George. In addition, Holly takes Property #1 subject to an existing $63,000 mortgage, gives George her own promissory note in the amount of $75,000 and a Corvette with a FMV of $47,000 and an adjusted basis in Holly's hands of $40,000. (a) What is George's amount realized on the sale of Property #1 to Holly? (b) If George had originally purchased Property #1 for $100,000, what is the amount of gain that he should recognize? (c) What is Holly's basis in Property #1