Objective Short Answer 27. Individual A transfers 3 properties to X Corporation in exchange for stock of X in a transactions that qualifies for IRC Section 351. Property 1 FMV $100,000 AB $60,000 Property 2 FMV $100,000 AB $125,000 Property 3 FMV $100,000 AB $175,000 a. What income gain or loss, if any, does A recognize on the transfer? b. What basis does X have in property 2? c. What is A' adjusted basis in X stock