Alan, Baker and Carr formed Dexter Corporation on April 1, 2019. Pursuant to the incorporation agreement, Alan transferred an office building, used in business for 20 years, with an adjusted basis of $13,000 and a fair market value of $78,000 for 700 shares of stock. The building transferred by Alan was subject to $15,000 liability which was assumed by Dexter. Baker transferred equipment with an adjusted basis of $8,000 (net of depreciation of $20,000) and a fair market value of $13,000 in exchange for 100 shares of stock and $3,000 cash. Carr performed legal services valued at $20,000 in exchange for 200 shares of stock. Carr's service was for the incorporation of Dexter Corp. The fair market value of Dexter Corp.'s stock is $100 per share. Dexter Corp. began doing business on July 1, 2018, and elected to file its income tax returns on a calendar-year basis. Required In relations to the incorporation of Dexter Corporation, determine the amount and character of gain or loss recognized by each shareholder, each shareholder's initial basis in the stock, and Dexter Corporation's basis in contributed property. (48 points) Alan Baker Carr Gain(loss) recognized Character of Gain(loss) S/H's basis in stock Co.'s basis in property