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

AssetBasisFMV

Land$ 25,000$5,000

Building25,00045,000

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!