In 2022, Alicia contributed property to Corporation X with a basis of $1,000 and a fair market value of $1,500. In return, Alicia received Corporation X common stock with a value of $800, and cash of $300. Corporation X assumed a debt secured by the property of $400 for valid business reasons. Immediately after the exchange, Alicia owned 100% of the stock of X. What is Alicia's recognized gain or loss? What is Alicia's basis in the stock? What is X's basis in the property? Explain your answer, citing authority.