Celeste transferred 100 percent of her stock in Supply Chain Company to Marketing Corporation in a Type A merger. In exchange, she received stock in Marketing with a fair market value of $532,500 plus $532.500 in cash. Celeste's tax basis in the Supply Chain stock was $1.455,000. What amount of loss does Celeste recognize in the exchange and what is her basis in the Marketing stock she receives? Multiple Choice a $390,000 loss recognized and a basis In Marketing stock of $1,455,000. No loss recognized and a basis in Marketing stock of $1.455.000 O $390,000 loss recognized and a basis in Marketing stock of $922,500. No loss recognized and a basis in Marketing stock of $922.500. Packard Corporation transferred its 100 percent interest to State Company as part of a complete liquidation of the company. In the exchange, Packard received land with a fair market value of $527.500. Packard's basis in the State stock was $775,000. The land had a basis to State Company of $657,500. What amount of loss does State recognize in the exchange and what is Packard's basis in the land it receives? Multiple Choice $130,000 loss recognized by State and a basis in the land of $527,500 to Packard. $130.000 loss recognized by State and a basis In the land of $657,500 to Packard. d No loss recognized by State and a basis in the land of $527,500 to Packard. No loss recognized by State and a basis in the land of $657.500 to Packard