In $2023,$ Rebecca formed Black Corporation, a C$-$Corporation. Rebecca transferred real

estate with an adjusted basis of $$260,000$ and a fair market value of $$390,000$ in

exchange for $100\%$ of Black Corporation's common stock. The real estate was

encumbered by a mortgage of $$290,000,$ which Black Corporation assumed. The total

value of Black Corporation's common stock after formation was $$100,000.*$

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a$)(5$ points$)$ What amount of gain or loss is realized and recognized by Rebecca

on the real estate transfer to Black Corporation?

b$)(3$ points$)$ What basis does Rebecca take in her Black Corporation stock? $||$

c$)(3$ points$)$ What basis does Black Corporation take in the real estate contributed

by Rebecca?