$5.$ Pursuant to a plan of reorganization adopted in the current year, Stockbridge Corporation exchanged property with an adjusted basis of $$100,000$ for $10,000$ shares of the Lee Corporation. The shares of Lee had a fair market value of $$120,000$ on the date of the exchange. Stockbridge Corporation was liquidated shortly after the exchange, with its sole shareholder Yolanda receiving the Lee shares. Yolanda had a $$110,000$ basis in the Stockbridge shares surrendered. As a result of this exchange, what are Yolanda$$s recognized gain and her basis in the Lee stock?

a$.$ $$0$ recognized gain and $$100,000$ stock basis.

b$.$ $$0$ recognized gain and $$110,000$ stock basis.

c$.$ $$0$ recognized gain and $$120,000$ stock basis.

d$.$ $$20,000$ recognized gain and $$120,000$ stock basis.

$6.$ Pursuant to a tax$-$free reorganization in the current year, Jodie exchanged $100$ shares of Torchwood Corporation stock for $100$ shares of Tardis Corporation stock. In addition, she received $$1,000$ cash, which was not in excess of her ratable share of Torchwood earnings and profits. Jodie purchased the Torchwood stock for $$20,000$ eighteen years ago. The Tardis stock had a fair market value of $$24,000$ on the date of the exchange and represented a $5$ percent interest in the outstanding Tardis stock. What is the recognized income to be reported by Jodie?

a$.$ $$0$

b$.$ $$1,000$ dividend

c$.$ $$1,000$ long$-$term capital gain

d$.$ $$5,000$ long$-$term capital gain