n January 7, 2022, Martin Corporation acquires two properties from a shareholder solely in exchange for stock in a transaction that ualifies under 351. The shareholder's basis, the fair market value, and the built-in gain (loss) of each property are: Shareholder's Fair Market Built in Gain Property 1 Property 2 Basis $366,200 $622,540 Value or (Loss) $439,440 $73,240 $476,060 Net built-in loss ($146,480) ($73,240) artin adopts a plan of liquidation later in the year and distributes Property 2 to a 45% shareholder when the property is worth $402,8 Compute Martin's basis in Property 1 and in Property 2 as of January 7, 2022. artin's basis is Property 1 is a stepped-up artin's basis in Property 2 is a stepped-down basis of $ basis of $ Compute Martin's realized and recognized loss on the liquidating distribution of Property 2. artin has a realized loss of $ and a recognized loss of