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: Basis Shareholder's Fair Market Built-In Gain (Loss) Value Property 1 Property 2 $584,000 $992,800 $700,800 Net built-in loss $116,800 $759,200 ($233,600) ($116,800) Martin adopts a plan of liquidation later in the year and distributes Property 2 to a 25% shareholder when the property is worth $642,400. a. Compute Martin's basis in Property 1 and in Property 2 as of January 7, 2023. Martin's basis in Property 1 is a 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 $ and a recognized loss of $