7. Blue Corporation distributes land (basis of 423,000, FMV of 697,000) to Jeffery West, a shareholder, to carry out a qualifying stock redemption. Jeffery West had a basis of 96,300 in the shares redeemed. Please calculate the following scenarios and show all work: A: What is the Jeffery West's basis in the stock received if the property is subject to a liability of 510,000? B: What is the gain the corporation will recognize if the property is subject to (compute each separately: 1. A 510,000 liability 2. A 740,000 liability