Craig, Will, Lee, Maria, and Tracy form Tiger Corporation with the following investment: Consideration Transferred Basis to Fair Market Number of Transferor Value Shares Tsed From Craig- Raw land held 6 months S 10,000 $30,000 30 From Will Apple Common (held 2 Months) 9,000 10,000 7 Business liability 3,000 3,000 From Lee- Accounts receivable (held 2 years) 300,000 270" From Maria Equipment (held 16 months) 240,000 400,000 Personal liability 100,000 100,000 Business liability 150,000 150,000 150 From Tracy Building (held 12 months) 200,000 340,000 Mortgage on building 210,000 210,000 130 "Lee receives $30,000 in cash in addition to the 270 shares. Assume each share is worth $1,000. All liabilities transferred by shareholders are assumed by Tiger Corporation. The value of each share of Tiger Corporation stock is $1,000. a. What, if any, is Craig's recognized gain or loss? b. What is Craig's basis in the Tiger Corporation stock? How much galu or loss, if any, must Will recognize