Devin transfers to Haden Corporation $9,000 cash and machinery having a $13,000 basis and a $31,000 FMV in exchange for 65 shares of Haden stock. The machinery was used in Devin's business, originally cost Devin $44,000, and is subject to a $27,000 liability, which Haden assumes. Louis exchanges $13,000 cash for the remaining 65 shares of Haden stock. Requirement a. What are the amount and character of Devin's recognized gain or loss? Devin realizes a(n) $ and recognizes Requirement b. What is Devin's basis in the Haden stock? Devin's basis in the Haden stock is Requirement c. What is Haden's basis in the machinery? Haden's basis in the machinery is $ Requirement d. What are the amount and character of Louis's recognized gain or loss? Louis recognizes Requirement e. What is Louis's basis in the Haden stock? Louis's basis in the Haden stock is $ Requirement f. When do Devin and Louis's holding periods for their stock begin? Devin's holding period for her stock starts on Louis's holding period Requirement g. How would your answers to Parts a through f change if Louis received $13,000 of Haden stock for legal services (instead of cash)? a. Devin recognizes b. Devin's basis in the Haden stock is C. Haden's basis in the machinery is d. Louis realizes a(n) $ e. Louis's basis in the Haden stock is and recognizes f. When do Devin and Louis's holding periods for their stock begin? Louis's holding period for his stock would would Devin's stock