IPM Inc. and Zeta Company formed IPeta Inc. by transferring business assets in exchange for 1,000 shares of IPeta common stock. IPM transferred assets with a $675,000 FMV and a $283,000 adjusted tax basis and received 600 shares. Zeta transferred assets with a $450,000 FMV and a $98,000 adjusted tax basis and received 400 shares. Which of the following statements is false? A.IPMs 600 shares of stock are worth $675,000. B. Zetas gain realized on the exchange is $392,000. C. The exchange of stock for assets is nontaxable to IPeta. D. None of the above is false.

WHY the zeta's gain realized is 392000?