Igor, Ralph, and Sally transfer the following investments into a newly formed corporation. From Igor: Equipment Cash From Ralph: Unrealized A/R Cash Adjusted Basis FMV Number of Shares Received in Exchange $285,000 50,000 $300,000 350 50,000 $100,000 150 50,000 50,000 From Sally: Land and Building $200,000 $400,000 100 Mortgage Payable on 300,000 300,000 Land and Building Based upon the above information: a. What, if any, is the recognized gain or loss for Igor, Ralph, and Sally? Answer: b. What is Igor's, Ralph's, and Sally's basis in their stock? Answer: c. What is the corporation's basis in the Land and Building