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In a qualifying reorganization, Cato exchanges $1,390,000 worth of stock and property valued at $556,000...

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Accounting

In a qualifying reorganization, Cato exchanges $1,390,000 worth of stock and property valued at $556,000 ($278,000 basis) for all of Firestars assets, which have a value of $1,946,000 and a $389,200 basis. Firestar distributes the property received from Cato. The exchange meets the 368 requirements. If an amount is zero, enter '0". a. What is Catos recognized gain/loss from the reorganization? Cato recognizes a gain of $____________ .

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