Shelly, who is single, transfers property with a $76,000 basis and a $115,000 fair market value (FMV) to Tasty World Corporation in exchange for all 50 shares of Tasty World stock. The shares qualify as Sec. 1244 stock. Two years later, Shelly sells the stock for $24,000. Read the requirements. Requirement a. What are the amount and character of Shelly's recognized gain or loss? Shelly's is of which is Requirement b. How would your answer to Part a change if the FMV of the property were $62,000? Shelly's is of which is