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

Asset Basis FMV

Land $ 25,000 $ 5,000

Building 25,000 45,000

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.

2) Calculate Yogi's gain or loss recognized on the exchange.