Tom and Gail form Owl Corporation with the following consideration: Consideration Transferred Basis to Transferor Fair Market Value Number of Shares Issued From Tom Cash $50,000 $50,000 Installment note 240,000 350,000 40 From Gail Inventory 60,000 50,000 Equipment 125,000 250,000 Patentable invention 15,000 300,000 60 The installment note has a face amount of $350,000 and was acquired last year from the sale of land held for investment purposes (adjusted basis of $240,000). Regarding these transactions, provide the following information: Note: If an amount is zero, enter "0". a. Tom's recognized gain or loss is $. b. Tom's basis in the Owl Corporation stock is $. c. Owl Corporation's basis in the installment note is $. d. Gail's recognized gain or loss is $. e. Gail's basis in the Owl Corporation stock is $. f. Owl Corporation's basis in the inventory is $ and equipment is $. Its basis in the patentable invention is $. g. Would your answers to the preceding questions change if Tom received common stock and Gail received preferred stock? h. Would your answers change if Gail was a partnership instead of an individual?