10. A transfers property to Corp. X for 100% of the issued shares as follows:

Property adjusted basis $40,500; Fair Market Value (FMV) $50,000

A receives 100 Shares Stock, Property with FMV of $10,000 and Cash of $10,500.

a. As realized gain is $ ________________ b. As recognized gain is $ ________________ c. If the contributed property was investment property held by A for many years the gain would most likely be categorized as ________________ 12. If As Adjusted basis in the contributed property was $55,000 a. A would recognize a gain of $ ________________ b. A would recognize a loss of $ ________________ c. Give Code Section to b. above ________________