Pursuant to a plan of corporate reorganization adopted in 2015 and described in IRC 368(a)(1)(B), Mary Able exchanged 1000 shares of Franklin Corporation Common Stock which she had purchased for $75,000 for 1,800 shares of Tower Corporation Common Stock having a Fair Market Value of $86,000. As a result of this exchange:

How much gain or loss would Mary Able recognize?

What would Marys basis in Tower Corporation Stock be?