In a Sec. $351$ exchange, Charlie transferred property with an adjusted basis of$$ $$125,250$ and a fair market value $($FMV$)$ of$$ $$145,000$ to a recently established corporation. In return, Charlie received stock valued at$$ $$95,000$ and a short$-$term note with an FMV of$$ $$32,650.$

Requirements

A $-$ Based on the information provided, what is Charlie's realized gain?

B $-$ Based on the information provided, what is Charlie's recognized gain?

C $-$ Please explain the difference between realized vs recognized gain.