Question 9 4 pts As part of a Type A reorganization, Blanc, Inc. transferred property with a value of $10 million and a basis of $7 million for $8 million worth of stock in White, Inc. and $2 million worth of two year notes. The White stock and notes are immediately distributed to the Blanc shareholders and their "old stock is cancelled. As a result of this, Blanc must recognize: Gain of $3 million No gain or loss Gain of $2 million Gain of $2 million over a two year period