Holly Corp. enters into a "Type A" reorganization with Buffet Corp. where Buffet transfers $1,000,000 of its voting stock and a parcel of land with a FMV of $300,000 and basis of $460,000 for Holly Corp.'s $1,500,000 of assets (basis of $950,000) and $200,000 of liabilities. The only asset Holly Corp. does not transfer to Buffet is a crane worth $250,000, basis of $225,000. Holly Corp. distributes the Buffet stock, the crane, and the land received from Buffet Corp. to its sole- shareholder, Henry. Henry's basis in the Holly stock is $225,000. a. What gain/loss, if any, does Ilolly Corp. recognize from this reorganization? b. What gain/loss, if any, does Buffet Corp. recognize from this reorganization? c. What gain/loss, if any, does Henry recognize from this reorganization? d. What basis does Buffet Corp. have in the assets acquired from Holly Corp.? e. What basis does Henry have in the assets received from Holly Corp. (crane, and land)? What is Henry's basis in stock received? Holly Corp. enters into a "Type A" reorganization with Buffet Corp. where Buffet transfers $1,000,000 of its voting stock and a parcel of land with a FMV of $300,000 and basis of $460,000 for Holly Corp.'s $1,500,000 of assets (basis of $950,000) and $200,000 of liabilities. The only asset Holly Corp. does not transfer to Buffet is a crane worth $250,000, basis of $225,000. Holly Corp. distributes the Buffet stock, the crane, and the land received from Buffet Corp. to its sole- shareholder, Henry. Henry's basis in the Holly stock is $225,000. a. What gain/loss, if any, does Ilolly Corp. recognize from this reorganization? b. What gain/loss, if any, does Buffet Corp. recognize from this reorganization? c. What gain/loss, if any, does Henry recognize from this reorganization? d. What basis does Buffet Corp. have in the assets acquired from Holly Corp.? e. What basis does Henry have in the assets received from Holly Corp. (crane, and land)? What is Henry's basis in stock received