As part of a Type C reorganization, Ash Corporation exchanges $250,000 of its voting common stock and $50,000 of its bonds for all of Texas Corporation's assets. Texas liquidates, with each of its two shareholders receiving equal amounts of the Ash stock and bonds. Barbara has a $50,000 basis in her stock, and George has a $200,000 basis in his stock. George and Barbara, who are unrelated, each own 8% of Ash's stock (5,000 shares) immediately after the reorganization. At the time of the reorganization, Texas's E&P balance is $75,000, and its assets have an adjusted basis of $225,000 1. What is the amount of Texas's recognized gain or loss in the asset transfer? On the distribution of the stock and bonds? 2. What is Ash's basis in the assets it acquired? 3. What are the amount and character of each shareholder's recognized gain or loss