$4.$ Karl and Bill create ICE CREAM Corporation by contributing property with a fair market value of $$50,000$ and cash of $$70,000,$ respectively. Each receives a $50\%$ share in the company, which is valued at $$150,000$ immediately after the formation. The property that Karl contributes has an adjusted basis of $$25,000,$ and is subject to a $$10,000$ mortgage, which is assumed by the company.

What gain will Karl recognize in this situation?

What will be the basis in the stock received by Karl?