In 2022, Rebecca formed Black Corporation, a C-Corporation. Rebecca transferred real.estate with an adjusted basis of $260,000 and a fair market value of $390,000 inexchange for 100% of Black Corporation's common stock. The real estate wasencumbered by a mortgage of $290,000, which Black Corporation assumed. The totalvalue of Black Corporation's common stock after formation was $100,000.QANa) What amount of gain or loss is realized and recognized by Rebecca on the realestate transfer to Black Corporation?b) What basis does Rebecca take in her Black Corporation stock?c) What basis does Black Corporation take in the real estate contributed byRebecca?2WS3XموdocommandEDCRF5TV6GYB67HU8NI9MO0VموobPcommand

Fair Market Value denotes the monetary value at which property would change hands between a willing…

Answered: In 2022, Rebecca formed Black…

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