Handy transfers land with a basis of $400,000 and a fair market value of $225,000 to a corporati0on in exchange for all of its stock.

1) If no election is made, what is Handy's adjusted basis in the stock she receives ?

2) Again assuming no election, what is the corporation's basis in the stock

3.)Can handy change the answer to the previous two questions, if so how can she do it and what is the end result?