Black Corporation ($900,000 assets, $0 liabilities) and White Corporation ($700,000 assets, $0 liabilities) create BW Corporation. Black transfers $600,000 in assets for all of BW's common stock. Black distributes its remaining assets and the BW common stock to its shareholder, Sam, for all her stock in Black (basis $950,000) and then liquidates. White transfers $400,000 in assets for all of BW's common stock. White distributes its remaining assets and the BW preferred stock to its shareholder, Taylor, for all his stock in White (basis $200,000) and then liquidates. How much is Sam's recognized gain or loss? O $350,000 loss $50,000 loss 0 $0 gain gain O $50,000 gain o $350,000 gain