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 the 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. 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 a gain of $_______ .

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

Rogers Corporation recognizes a gain of $_______ and Pruett Corporation recognizes a _____ of $_________ .

Please explain thank you!