In the current year, Joe, Kane, Lindsey, and Montel transfer the following property to Gray Corporation (an existing corporation), which is owned equally by the four transferors. (Complete all input fields. Enter a 0 for any zero amounts.) - Joe transfers land and a building with a $68,000 adjusted basis and a $136,000FMV for additional Gray stock having a $112,000 FMV and $24,000 of marketable securities having an adjusted basis of $17,000 in Gray's hands. $34,000 of MACRS straight-line depreciation on the building was claimed by Joe prior to the transfer. - Kane transfers equipment with a $156,000 adjusted basis and a $136,000 FMV for additional Gray stock having a $112,000 FMV and a $24,000 20-year Gray note. $34,000 of MACRS depreciation on the equipment was claimed by Kane prior to the transfer. - Lindsey transfers inventory with a $102,000 adjusted basis and a $136,000FMV for additional Gray stock having a $112,000 FMV and $24,000 cash. - Montel transfers land with a $35,000 adjusted basis and a $136,000FMV, subject to a $60,000 mortgage, which Gray assumes, for additional Gray stock having a $76,000FMV. a. What amount and character of gain or loss does Joe recognize? What is Joe's basis in the Gray stock and the marketable securities? What is Gray's basis in the land and building? b. What amount and character of gain or loss does Kane recognize? What is Kane's basis in the Gray stock and note? What is Gray's basis in the equipment? c. What amount and character of gain or loss does Lindsey recognize? What is Lindsey's basis in the Gray stock? What is Gray's basis in the inventory? d. What amount and character of gain or loss does Montel recognize? What is Montel's basis in the Gray stock? What is Gray's basis in the land? e. What amount and character of gain or loss does Gray recognize on the distribution of its stock, note, and other property to its shareholders