Sadie transfers land (a capital asset) having a(n) $40,000 adjusted basis to Oxford Corporation in a Sec. 351 exchange. In return, Sadie receives the following consideration: B (Click the icon to view the consideration.) Read the requirements. Requirement a. What are the amount and character of Sadie's recognized gain or loss? Complete the table to determine the amount and character of Sadie's recognized gain or loss for the land transferred. Total proceeds Minus: Adjusted basis Realized gain (loss) Boot received Recognized gain (loss) Character of gain or loss Requirement b. What is Sadie's basis in her common stock, preferred stock, and note? (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) Sadie's basis in her common stock is Sadie's basis in her preferred stock is Sadie's basis in her the short-term note is Requirement c. What is Oxford's basis in the land? (lf an input field is not used, do not select a label or enter a zero.) Amount Plus: Minus: Transferee corporation's basis in property tiyate Windows Data table Consideration FMV 20,000 70 shares of Oxford common stock $ 30 shares of Oxford qualified preferred stock 60,000 100,000 Oxford note due in three years $ 180,000 Total Print Done