Sherie transfers property with an adjusted basis of $38,000 (fair market value of $125,000) to Florence Corporation for 90% of the stock. The property is subject to a liability of $47,000, which Florence assumes.

If an amount is zero, enter "0".

a. How much, if any, gain or loss does Sherie recognize? $________

The basis of the Florence stock to Sherie is $______________

b. The basis of the property to Florence Corporation is $____________