Exercise 6-34 (Algorithmic) (LO. 4) On January 7, 2023, Martin Corporation acquires two properties from a shareholder solely in exchange for stock in a transaction that. qualifies under 5 351. The shareholder's basis, the fair market value, and the buit-in gain (loss) of each property are? Martin adopts a plan of liquidation later in the year and distributes Property 2 to a 35% shareholder when the property is worth 5577,060 . a. Compute Martin's basts in Property 1 and in Propertv 2 as of January 7,2023. Martin's basis in Property 1 is a basis of: Martin's basis in Property 2 is a baisis of 5 b. Compute Martin's realized and recognized loss on the liquidating distribution of Property 2. Martin has a realized loss of s and a recognized loss of 1