Townsend, the sole shareholder of Pruett Corporation, has a $480,000 basis in his stock. He exchanges his Pruett stock for $600,000 of Rogers voting common stock plus land with a fair market value of $100,000 and basis of $25,000 that is transferred by Rogers to Pruett. This exchange qualifies under 368.

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

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

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