Brian decides to incorporate his medical practice. He uses the cash method of accounting. On the date of incorporation, the practice reports the following balance sheet (Click the icon to view the balance sheet) All the current liabilities would be deductible by Brian if he paid them, Evian transfers all the assets and abilities to a professional corporation in exchange for all of its stock. Read the requirements Data table Requirements a. What are the amount and character of Brian's recognized gain or lose? b. What is Brian's basis in the stock? e. What is the corporation's basis in the property? d. Who recognizes income on the receivables upon their colection? Can the corporation obtain a deduction for the labies when pays them? Assets Cash Print Done Help me solve this Etext pages Get more help. FUN $ 8,000 $ 8,000 Accounts receivable Equipment (net of $19.000 depreciation) 55.000 0 85,000 65,000 $ 63.000 $ 15.000 Liables and Owner's Equity T Current liabilities Note payable on equipment Owner's equity 0 $ 55,000 21.000 25.000 3,000 78,000 $ 63.000 158,000. Print Done - X Clear all Check