Problem 18-34 (LO. 1, 2, 3) Allie forms Broadbill Corporation by transferring land (basis of $125,000, fair market value of $775,000), which is subject to a mortgage of $375,000. One month prior to incorporating Broadbill, Allie borrows $100,000 for personal reasons and gives the lender a second mortgage on the land. Broadbill Corporation issues stock worth $300,000 to Allie and assumes the mortgages on the land. If an amount is zero, enter "0". a. What are the tax consequences to Allie and to Broadbill Corporation? Since both 5 357(b) and 5 357(c) are applicable Allie has a realized gain of $ 100,000 X of which $ 350,000 X is recognized. Broadbill Corporation has a basis of in the land and Allie has a s basis in the stock. b. How would the tax consequences to Allie differ if she had not borrowed the $100,000? Since only 5 357(e) is applicable Allie has a recognized gain of s in the land and Alle has a s basis in the stod Broadbill Corporation has a basis of