On January $7,2023,$ Martin Corporation acquires two properties from a shareholder solely in exchange for stock in a transaction that qualifies under $351.$ The shareholder's basis, the fair market value, and the built$-$in gain $($loss$)$ of each property are:

$\backslash$table$[[,\backslash$table$[[$Shareholder$\text{'}$s$],[$Basis$]],\backslash$table$[[$Fair Market$],[$Value$]],\backslash$table$[[$Built$-$In$],[$Gain $($Loss$)]]],[$Property $1,$$$408,000,$$$489,600,$$$81,600$