Mary and Todd form the MT Corporation, with a transfer of the following properties: Mary $500,000 cash Todd $500,000 FMV property $300,000 tax basis Both Mary and Todd receive a 50% interest in the corporate stock. VARIATION 2: return to original facts (no Karla). Todds property is valued at $700,000 but is contributed subject to a $200,000 liability. Complete the following Mary Todd Realized gain ________ ________ Recognized gain ________ _________ Basis of stock _________ _________ MT basis in contributed asset __________ _________