As part of a Type C reorganization, Drago Corporation exchanges $420,000 of its voting common stock and $30,000 of its bonds for all of Oregon Corporation's assets. Oregon liquidates, with each of its two shareholders receiving equal amounts of the Drago stock and bonds. Angie has a $70,000 basis in her stock, and Jeff has a $240,000 basis in his stock. Jeff and Angie, who are unrelated, each own 4% of Drago's stock (7,000 shares) immediately after the reorganization. At the time of the reorganization, Oregon's E&P balance is $190,000, and its assets have an adjusted basis of $260,000. Read the requirements. Requirement a. What is the amount of Oregon's recognized gain or loss in the asset transfer? On the distribution of the stock and bonds? (Use parentheses or a minus sign for a loss. Complete all input fields. Enter "O" if no gain or loss is recognized.) Recognized gain/(loss) i X Requirements Asset transfer Distribution a. b. What is the amount of Oregon's recognized gain or loss in the asset transfer? On the distribution of the stock and bonds? What is Drago's basis in the assets it acquired? What are the amount and character of each shareholder's recognized gain or loss? What is the basis of each shareholder's Drago stock? Drago bonds? C. d. As part of a Type C reorganization, Drago Corporation exchanges $420,000 of its voting common stock and $30,000 of its bonds for all of Oregon Corporation's assets. Oregon liquidates, with each of its two shareholders receiving equal amounts of the Drago stock and bonds. Angie has a $70,000 basis in her stock, and Jeff has a $240,000 basis in his stock. Jeff and Angie, who are unrelated, each own 4% of Drago's stock (7,000 shares) immediately after the reorganization. At the time of the reorganization, Oregon's E&P balance is $190,000, and its assets have an adjusted basis of $260,000. Read the requirements. Requirement a. What is the amount of Oregon's recognized gain or loss in the asset transfer? On the distribution of the stock and bonds? (Use parentheses or a minus sign for a loss. Complete all input fields. Enter "O" if no gain or loss is recognized.) Recognized gain/(loss) i X Requirements Asset transfer Distribution a. b. What is the amount of Oregon's recognized gain or loss in the asset transfer? On the distribution of the stock and bonds? What is Drago's basis in the assets it acquired? What are the amount and character of each shareholder's recognized gain or loss? What is the basis of each shareholder's Drago stock? Drago bonds? C. d