Allie forms Broadbill Corporation by transferring land $($basis of $$125,000,$ fair market value of $$775,000),$ which is subject to a mortgage of $$375,000.$ One month prior to incorporating Broadbill, Allie borrows $$100,000$ for personal reasons and gives the lender a second mortgage on the land. Broadbill Corporation issues stock worth $$300,000$ to Allie and assumes the mortgages on the land.

If an amount is zero, enter $"0".$

a$.$ What are the tax consequences to Allie and to Broadbill Corporation?

Since $\_\_\_\_\_\_\_\_\_\_$ Allie has a realized gain of $$\_\_\_\_\_\_\_\_$ of which $$\_\_\_\_\_\_\_\_\_$ is recognized. Broadbill Corporation has a basis of $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ in the land and Allie has a $$\_\_\_\_\_\_\_\_\_\_$ basis in the stock.

b$.$ How would the tax consequences to Allie differ if she had not borrowed the $$100,000?$

Since $\_\_\_\_\_\_\_\_\_\_\_,$ Allie has a recognized gain of $$\_\_\_\_\_\_\_\_\_\_\_.$ Broadbill Corporation has a basis of $$\_\_\_\_\_\_\_\_\_\_3$ in the land and Allie has a $$\_\_\_\_\_\_\_\_\_\_\_\_$ basis in the stock.