15)Irma transfers land, a capital asset, having a $70,000 adjusted basis and a $125,000 FMV plus $10,000 cash to Eagle Corporation in exchange for all its stock. Eagle Corporation a the $100,00 has the requisite business purpose. What is the amount of Irma's realized gain or loss? How much is recognized and what is its character? What is Irma's basis in the Eagle stock? 0 mortgage on the land. The mortgage assumption has no tax avoidance purpose and