Rafael transfers the following assets to Crane Corporation in exchange for all of its stock.

Note: 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

Note: If an amount is zero, enter "0". Do not round any division.

a. Rafael's realized _________________ is $ _________________ . Of this amount, $ _________________ is recognized.

b. Assuming no election is made, Rafael's basis in the stock is $ _________________ .

c. Crane's basis is $ _________________ for inventory, $ _________________ for equipment, and $ _________________ for shelving.

d. If Rafael plans to hold his stock for a substantial period of time, he and Crane may elect to allow Crane _________________ a carryover basis in the assets received. Its basis in the assets would also change to $ _________________ for inventory, $ _________________ for equipment, and $ _________________ for shelving.