Waste Corp changes its name to Environmental Inc Inc. Waste Corp is owned by a sole shareholder whose basis in the shares is $200,000. After the name change Waste Corp's fair market value was $700,000. The basis of the assets inside Waste Corp are $400,000 before the name change. 1) How much if any gain or loss does the sole shareholder of Waste Corp recognize? 2) Why does Pacer recognize or not recognize gain or loss? 3) After changing it's name, what is the basis of the assets inside Pacer?