Townsend, the sole shareholder of Pruett Corporation, has a $938,000 basis in his stock. He exchanges all of his Pruett stock for $1,172,500 of Rogers voting common stock plus land with a fair market value of $234,500 and basis of $58,625. 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 of $ x. c. What is Townsend's basis in the Rogers stock and the land received? The basis in the Rogers stock is $ X and the basis in the land is $ x