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 $