Shelly transfers land (a capital asset) having a $70,000 adjusted basis to Thomas Corporation in a Sec. 351 exchange. In return, Shelly receives the following consideration: View the consideration. Read the requirements. Requirement a. What are the amount and character of Shelly's recognized gain or loss? Complete the table to determine the amount and character of Shelly's recognized gain or loss for the land transferred. (Enter a loss with a minus sign or parentheses.) Total proceeds Minus: Adjusted basis Realized gain (loss) Boot received Recognized gain (loss) Character of gain or loss Requirement b. What is Shelly's basis in her common stock, qualified preferred stock, and nonqualified preferred stock? (Do not round intermediary calculations. Only round the amount you input in the field to the nearest dollar.) Shelly's basis in her common stock = Shelly's basis in her qualified preferred stock =