Nancy transfers to Houston Corporation depreciable machinery originally costing $16,000 and now having a(n) $13,000 adjusted basis. In exchange, Nancy receives all 275 shares of Houston stock having a(n) $22,000 FMV and a three-year Houston note having a(n) $6,000 FMV Read the requirements. Kequirement a. wnat are tne amount and cnaracter or Nancys recognizea gain or vossr Nancy realizesa(n) and recognizes a(n) isordinary in character and Of the amount recognized, $ Requirement b. What are Nancy's bases in the Houston stock and note? Nancy's basis in the note is $ iscapital in character. $[ ]and the basis in the stock is $ Requirement c.What is Houston's basis in the machinery? Houston corporation's basis in the machinery is s Nancy transfers to Houston Corporation depreciable machinery originally costing $16,000 and now having a(n) $13,000 adjusted basis. In exchange, Nancy receives all 275 shares of Houston stock having a(n) $22,000 FMV and a three-year Houston note having a(n) $6,000 FMV Read the requirements. Kequirement a. wnat are tne amount and cnaracter or Nancys recognizea gain or vossr Nancy realizesa(n) and recognizes a(n) isordinary in character and Of the amount recognized, $ Requirement b. What are Nancy's bases in the Houston stock and note? Nancy's basis in the note is $ iscapital in character. $[ ]and the basis in the stock is $ Requirement c.What is Houston's basis in the machinery? Houston corporation's basis in the machinery is s