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  3. townsend, the sole shareholder of pruett corporati

Townsend, the sole shareholder of Pruett Corporation, has a $534,800 basis in his stock. He...

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Accounting

image Townsend, the sole shareholder of Pruett Corporation, has a $534,800 basis in his stock. He exchanges all of his Pruett stock for $668,500 of Rogers voting common stock plus land with a fair market value of $133,700 and basis of $33,425. Pruett distributed the land to Townsend. This exchange meets all Code requirements. If an amount is zero or there is no gain or loss, enter " 0 ". a. What is Townsend's recognized gain/loss from the reorganization? Townsend recognizes of $ b. What is the gain/loss recognized by Pruett Corporation and Rogers Corporation on the reorganization? Rogers Corporation recognizes of $ and Pruett Corporation recognizes of $ c. What is Townsend's basis in the Rogers stock and the land received? The basis in the Rogers stock is $ and the basis in the land is $

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