Diane transfers three assets to Kristin Co. in return for 100% of its stock, valued at the FMV of the assets she transfers. Assume the exchange qualifies as a Code Sec. 351 transfer. Information on the three assets follows:
Asset	FMV	Adjusted Basis
Land	600,000.00	510,000.00
Building	250,000.00	310,000.00
Equipment	150,000.00	190,000.00
	1,000,000.00	1,010,000.00
Assuming no special election is made, what is Diane's recognized gain or loss on the transfer?
What is Diane's basis in the stock?
What is Kristin Co.'s basis in the land?
What is Kristin Co.'s basis in the building?
What is Kristin Co.'s basis in the equipment?