Problem 12-24 (LO. 2, 4) Rafael transfers the following assets to Crane Corporation in exchange for all of its stock. Assume that neither Rafael nor Crane plans to make any special tax elections at the time of incorporation. Assets Rafael's Adjusted Basis Fair Market Value Inventory $60,000 $100,000 Equipment 150,000 105,000 65,000 Shelving 80,000 If an amount is zero, enter "O". Do not round any division in your computations. a. What is Rafael's recognized gain or loss? Rafael's realized loss is $ 20,000 . Of this amount, $ Accounting numeric field 0 is recognized. Feedback b. What is Rafael's basis in the stock? Assuming no election is made, Rafael's basis in the stock is $ 290,000 V. c. What is Crane's basis in the inventory, equipment, and shelving? Inventory; $ 60,000 Equipment: $ 135,000 Shelving: $ 75,000 Feedback d. If Rafael has no intentions of selling his Crane stock for at least 15 years, what action would you recommend that Rafael and Crane Corporation consider? in If Rafael plans to hold his stock for a substantial period of time, he and Crane may elect to allow Crane to take a carryover basis the assets received. If they so elect, Rafael's stock basis would be $