I am trying to work through this and I am having trouble for Tracey, would it be a 10,000 loss instead of a 10,000 gain? -10,000 value against 100,000 for $100,000 in shares would create a $10,000 loss. Would charles be at a recognized $10,000 gain?

Consideration Transferred Basis to Fair Market Transferor Value Number of shares issued 9* $ 120,000 $ 190,000 100,000 100,000 130000 120,000 10 From Charles- Exxon stock (held 1 year). Business liability From Tracey- Raw Land (held 6 months) Business liability From Jessica- Inventory (held 16 months) From Judy Services Land used in trade held 13 months 20,000 30,000 130,000 30,000 110,000 30,000 89002 140,000 100,000 8** -0- 20,000 10 40,000 80,000 Charles received $10,000 cash in addition to the 9. shares . ** Jessica received $20,000 cash in addition to the 8 shares. *** The common stock has a value of $10,000 per share. All liabilities transferred by partners are assumed by Blue Jay Corporation. a. What, if any, is the following shareholder's recognized gain or loss? 90,000 Charles -120.000 Beow $10,000 70,000 Tracey (100,000) L-liability (39000 Gain Jessica Do Judy $20,000 130000 12nooo) Consideration Transferred Basis to Fair Market Transferor Value Number of shares issued 9* $ 120,000 $ 190,000 100,000 100,000 130000 120,000 10 From Charles- Exxon stock (held 1 year). Business liability From Tracey- Raw Land (held 6 months) Business liability From Jessica- Inventory (held 16 months) From Judy Services Land used in trade held 13 months 20,000 30,000 130,000 30,000 110,000 30,000 89002 140,000 100,000 8** -0- 20,000 10 40,000 80,000 Charles received $10,000 cash in addition to the 9. shares . ** Jessica received $20,000 cash in addition to the 8 shares. *** The common stock has a value of $10,000 per share. All liabilities transferred by partners are assumed by Blue Jay Corporation. a. What, if any, is the following shareholder's recognized gain or loss? 90,000 Charles -120.000 Beow $10,000 70,000 Tracey (100,000) L-liability (39000 Gain Jessica Do Judy $20,000 130000 12nooo)