Matulis, Inc., a C corporation, owns a single asset with a basis of $420,800 and a fair market value of $1,009,920. Matulis elects S corporation status. Matulis holds a positive E & P balance. The entity elects S corporation status for 2022 and then sells the asset. Compute the corporate-level built-in gains tax that must be paid by Matulis. Townsend, the sole shareholder of Pruett Corporation, has a $599,600 basis in his stock. He exchanges all of his Pruett stock for $749,500 of Rogers voting common stock plus land with a fair market value of $149,900 and basis of $37,475. Pruett distributed the land to Townsend. This exchange meets all Code requirements. If an amount is zero or there is no gain or loss, enter "0". a. What is Townsend's recognized gain/loss from the reorganization? Townsend recognizes a gain of $ b. What is the gain/loss recognized by Pruett Corporation and Rogers Corporation on the reorganization? Rogers Corporation recognizes a gain of and Pruett Corporation recognizes no gain or loss of c. What is Townsend's basis in the Rogers stock and the land received? The basis in the Rogers stock is $ and the basis in the land is $