Stepha transfers property with an adjusted basis of $580,000 (fair market value of $1,200,000) to Parscale Corporation for 90% of the stock. The property is subject to a liability of $600,000, which Parscale assumes.

If an amount is zero, enter "0".

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

The basis of the Parscale stock to Stepha is $.

b. The basis of the property to Parscale Corporation is $