Please explain with Work

for 90% ofthe Carl transfers land (basis S70,000, FMV S 160,000) to Cardinal Corporation stock in Cardinal Corporation (value $20,000) and a note payable to Carl in the amount ornt of $40,000. Cardinal Corporation assumes the mortgage that Carl had on the land in $100,000. a. What is Carl recognize gain, if any? the amount b. What is Cardinal eorporation basis in the Land? Page 5 of T7