Requirement a. What are the amounts and character ot Brian's recognized gains or bsses? Complete the table to determine the amount and character ot Brian's recognized gain or loss for each asset type. If an asset does not have a gain or loss: select "N/A" tor the character type (Round the percentages to the nearest mole percent and dollar amounts to the nearest Mole dollar Use parentheses or a minus sign tor losses. For amounts Wth a SO balance, make sure to enter "0" in the appropriate cell.) Asset's FMV Percent of total FMV Consideration received in exchange for Stock Notes Total proceeds Minus: Adjusted basis Realized gain (loss) Boot received Recognized gain (loss) Character of gain (loss) Requirement b. What is Brian's basis in the Grand stock and noteso Cash Equipment $7,500 5% $6,000 1,500 $7,500 (7,500) so $1,500 so N/A $78,000 52 0/0 $62,400 15,600 $78,000 (50,000) $28,000 $15,600 $15,600 Ordin ary gain Building $36,000 24 % $28,800 7,200 $36,000 (50,000) $(14000) S7,200 $0 Land $28,500 $22,800 5,700 $28,500 (22,500) sooo S 700 700 N/A Capital gain Begin by determining the adjusted basis ot the stock (Leave any unnecessary cells blank) Adjusted basis of property transferred to the corporation Plus: Gain recognized by transferor Minus: FMV of boot received Adjusted basis of stock received S130,ooo 21,300 (30,000) $121,300