On January 7, 2022, 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: Property 1 Property 2 Net built-in loss Shareholder's Fair Market Built in Gain Basis $383,800 $652,460 Value $460,560 or (Loss) $76,760 $498,940 ($153,520) ($76,760) Martin adopts a plan of liquidation later in the year and distributes Property 2 to a 35% shareholder when the property is worth $422,180. a. Compute Martin's basis in Property 1 and in Property 2 as of January 7, 2022. Martin's basis is Property 1 is al Martin's basis in Property 2 is a basis of $ basis of b. Compute Martin's realized and recognized loss on the liquidating distribution of Property 2. Martin has a realized loss of S and a recognized loss of $