Jerry transfers property with a $ 28,000 adjusted basis and a $ 50,000 FMV to TexasTexas Corporation for 75 shares of TexasTexas stock. Frank, Jerry's father, transfers property with a $32,000 adjusted basis and a $50,000 FMV to TexasTexas for the remaining 25 shares of TexasTexas stock.

.

Requirement a. What is the amount of each transferor's recognized gain or loss?

Jerry realizes a

$

_______

gain/loss?

and recognizes

_______gain/loss?

Frank realizes a

$

_______

gain/loss?

and recognizes

_______gain/loss?