Problem 18-35 (LO. 1, 3) 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 Shelving 80,000 65,000 If an amount is zero, enter "0". Do not round any division in your computations. a. Rafael's realized loss is $ 20,000 of this amount, $ o is recognized. b. Assuming no election is made, Rafael's basis in the stock is $ 290,000 c. Crane's basis is $ 60,000 for inventory, $ 135,000 for equipment, and $ 75,000 for shelving. d. 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 in the assets received. If they so elect, Rafael's stock basis would be $