Ow Exercise 6-11 CLO4) Orary, 2021, Martin Capital sender 251. The hardest that the CO Shareholder's Tale Market Built in an Bank Vat Low So 73,000 75,000 $325.000 1400.000 iz 50,000) Preta Como round in 2001 bu Come and they and a Exercise 6-33 (LO.4) On January 7, 2021, 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 Value or (Loss) $300,000 $375,000 $75,000 $525,000 $400,000 ($125.000) (550,000) Martin adopts a plan of liquidation later in the year and distributes Property 2 to a 30% shareholder when the property is worth $350,000. a. Compute Martin's basis in Property 1 and in Property 2 as of January 7, 2021. Martin's basis is Property 1 is a carryover basis of 300,000 Martin's basis in Property 2 is a stepped-down: basis of 525,000 X b. Compute Martin's realized and recognized loss on the liquidating distribution of Property 2. Martin has a realized loss of 125,000 and a recognized loss of 105,000 X