Yogi transferred the following assets to the BlueRock Corporation $($a calendar year C corporation$)$:

Asset Basis FMV

Land $ $25,000$ $ $5,000$

Building $25,00045,000$

Yogi received all of the BlueRock stock worth $$30,000,$ cash of $$10,000$ and a promissory note for $$10,000.$ The transaction qualifies under Section $351.$

Required

$1)$ Calculate Yogi's gain or loss realized on the exchange. SHOW YOUR WORK!

$2)$ Calculate Yogi's gain or loss recognized on the exchange. SHOW YOUR WORK!