In the current year, Mick, Hank, and Lulu form Hades Corporation Mick contributes land (a capital asset) having a $125,000 FMV in exchange for 145 shares of Hades stock. Ho purchased the land three years ago for $140,000 Hank contributos machinery (Sec. 1231 property purchased four years ago) having a $130,000 adjusted basis and a $75,000 FMV in exchange for 105 shares of Hades stock Lulu contributes services worth $50,000 in exchange for 40 shares of Hades stock Read the requirements Requirement a. What is the amount of Mick's recognized gain or loss? Mick realizes a $ 15,000 loss and recognizes no gain or loss Requirement b. What is Mick's basis in his Hades shares? When does hus holding period begin? Mick's basis in the Hades shares is $ and his holding period for the stock is deemed to begin when Mick originally