-9 Sec. 351: Boot Property Received. Sara transfers land (a capital asset) having a $30,000 adjusted basis to Temple Corporation in a Sec. 351 exchange. In return, Sara receives the following consideration: Consideration FMV 100 shares of Temple common stock $100,000 50 shares of Temple qualified preferred stock 50,000 Temple note due in three years 20,000 Total $170,000 a. What are the amount and character of Sara's recognized gain or loss? b. What is Sara's basis in her common stock, preferred stock, and note? c. What is Temple's basis in the land