Armor Corporation exchanges $$1$ million of its common stock and $$300,000$ of Armor bonds for all of Trail Corporation$$s outstanding stock. As part of the same transaction, Trail then merges into Armor, which receives assets having a $$1\mathrm{.}3$ million FMV and an $$875,000$ adjusted basis. In the merger, Antonello, a Trail shareholder, exchanges his $20\%$ interest in Trail$$s single class of stock for $$200,000$ in Armor stock and $$60,000$ in Armor bonds. Antonello$$s $20\%$ interest in Trail is comprised of $4,000$ shares having a $$100,000$ adjusted basis. Following the reorganization, Antonello owns $5\%(1,000$ shares$)$ of Armor$$s stock. Armor$$s E&P balance is $$375,000.$

a$.$ What is the amount of Trail$$s recognized gain or loss in the asset transfer?

b$.$ What is Armor$$s basis in the assets received in the exchange?

c$.$ What are the amount and character of Antonello$$s recognized gain or loss?

d$.$ What is Antonello$$s basis in the Armor stock? In the Armor bonds?