1.Colbert Corp enters into a Type C reorganization with Nation Corp.Nation transfers $800,000 of its voting stock for Colbert' $1.2 million in assets (basis $600,000) and $400,000 of liabilities.Colbert retains one asset, land, which it distributes to its sole individual shareholder, Stephen.The land is valued at $130,000, and its basis is $80,000.Stephen's basis in his Colbert stock is $970,000.Determine the income tax consequences for Colbert, Nation, and Stephen, including the Nation's basis ion the stock it receives from Colbert and Stephen's basis in the Nation stock he receives.