1. Charlie Corporation transfers $700,000 stock and land with a value of $200,000 (basis of $95,000) to Sebago for most of its assets. The only asset not acquired in the "Type A" reorganization, a crane, is distributed to Sebago's shareholder, Betty. The crane is valued at $285,000 (basis of $300,000), and is subject to a $165,000 liability, which Betty assumes. Charlie stock and the land also are distributed to Betty in exchange for her stock in Sebago. Betty's basis in her stock is $630,000. What is the gain or loss recognized by Charlie, Sebago, and Betty on this restructuring? What is Betty's basis in the Charlie stock, land, and crane?