Brett transfers to Teal Corporation property having a $27,000 adjusted basis and a $55,000 FMV in exchange for all of Teal's stock worth $16,000 and Teal's assumption of a $39,000 mortgage on the property. Read the requirements. Requirement a. What is the amount of Brett's recognized gain or loss? Brett realizes a(n) and recognizes Requirement b. What is Brett's basis in the Teal stock? Brett's basis in the Teal stock is Requirement c. What is Teal's basis in the property? Teal's basis in the property is Requirement d. How would your answers to Parts a through c change if the mortgage assumed by Teal were $16,000 and the Teal stock were worth $39,000? a. What is the amount of Brett's recognized gain or loss? Brett recognizes b. What is Brett's basis in the Teal stock? Brett's basis in the Teal stock is c. What is Teal's basis in the property? Teal's basis in the property is