Vic owns land worth $450 in which she has a basis of $125. The land is subject to a mortgage of $100 which Vic took out several years ago in order to buy the land. She transfers the land to Bari Corp in exchange for all its common stock work $350, and Bari assumes the mortgage.

Does Vic recognize gain on the transfer and if yes, how much?

What is Vics basis in the stock?

What is Baris basis in the land?