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A transfers land to X corporation for 100% of its stock.A's basis in the land was $25,000 at the time of the transfer.X corporation also assumes A's mortgage of $50,000.

1. If the fair value of the land is $100,000, then A must recognize a $ -blank-gain.A's basis in the X corporation stock will be $-blank-.X corporation's basis in the land will be $ -blank-.
2. If the fair value of the land is $40,000, then A must recognize a $ -blank-gain.A's basis in the X corporation stock will be $ -blank-.X corporation's basis in the land will be $ -blank-.
3. If the fair value of the land is $75,000 and A receives $10,000 of boot, then A recognizes a $ -blank-gain.A's basis in the stock received is $-blank-and A's basis in the boot received is $ -blank-.X corporation's basis in the land will be $ -blank-.