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: Martin adopts a plan of liquidation later in the year and distributes Property 2 to a 45% shareholder when the property is worth $560,120. a. Compute Martin's basis in Property 1 and in Property 2 as of January 7, 2022. Martin's basis is Property 1 is a basis of $ Martin's basis in Property 2 is a basis of $ b. Compute Martin's realized and recognized loss on the liquidating distribution of Property 2 . Martin has a realized loss of $ and a recognized loss of $