CVF Company owned 3,000 shares of Jarvis nonvoting common stock with a $333,000 basis. In each of the following cases, determine CVFs recognized gain or loss on the disposition of this stock:

1. CVF exchanged it for 1,900 shares of Jarvis voting common stock worth $400,500.
2. CVF exchanged it for U.S. long-term bonds worth $397,250.
3. CVF exchanged it for 1,500 shares of Newton common stock worth $393,500. This exchange was not pursuant to a corporate reorganization involving Jarvis and Newton.
4. CVF exchanged it for 1,500 shares of Newton common stock worth $393,500. This exchange was pursuant to a corporate reorganization involving Jarvis and Newton.

a. Recognized b. Recognized Recognized Recognized