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Norma transfers to Spindle Corporation depreciable machinery originally costing $20,000 and now having a(n) $13,000 adjusted basis. In exchange, Norma receives all 325 shares of

Norma transfers to Spindle Corporation depreciable machinery originally costing $20,000 and now having a(n) $13,000 adjusted basis. In exchange, Norma receives all 325 shares of Spindle stock having a(n) $21,000 FMV and a three-year Spindle note having a(n) $8,000 FMV. What are the amount of Norma's recognized gain or loss?

Norma realizes a(an) $

and recognizes a(n) $

What are Norma's bases in the Spindle stock and note? Norma's basis in the note is and the basis in the stock is $

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