Townsend, the sole shareholder of Pruett Corporation, has a $$783,200$ basis in his stock. He exchanges all of his Pruett stock for

$$979,000$ of Rogers voting common stock plus land with a fair market value of $$195,800$ and basis of $$48,950.$ Pruett distributed the

land to Townsend. This exchange meets all Code requirements.

If an amount is zero or there is no gain or loss, enter $"0".$

a$.$ What is Townsend's recognized gain$/$loss from the reorganization?

Townsend recognizes:

of $

$x.$

b$.$ What is the gain$/$loss recognized by Pruett Corporation and Rogers Corporation on the reorganization?

Rogers Corporation recognizes : $,$ of $$,x$ and Pruett Corporation recognizes gain $x$

of $$,x.$

c$.$ What is Townsend's basis in the Rogers stock and the land received?

The basis in the Rogers stock is $

and the basis in the land is $