Answer the 2-28

-28 Transfers to Controlled Corporations: Fundamentals. During the year, A and B formed a new corporation. Each received 100 shares of stock for contributing the following assets: Transferor's Basis Property Transferred Fair Market Value Transferor A................... Cash Land and building Equipment $100,000 20,000 40,000 $100,000 70,000 30,000 a. Compute the gain or loss realized and recognized by A and B. b. Compute the basis of the stock received by A and B. c. Compute the gain or loss recognized by the corporation. d. Compute the bases of the assets received by the corporation