Stephen transferred land with an adjusted basis of $180,000 and a fair market value of $250,000 to XYX Incorporated in return for all of its stock. Stephen also received a short-term note with a fair market value of $25,000. Please calculate the following for Stephen. You must show your all of your work.

1) His realized gain

2) His recognized gain

3) His basis in the stock

4) His basis in the note

DUE IN 30MINUTES. IT is a quiz