Claudia transferred land with an adjusted basis of $90,000 and a fair market value of $99,000 to XYZ Incorporated in return for all of its stock. Claudia also received a short-term note with a fair market value of $7,000. Please calculate the following for Claudia.
1) Her realized gain
2) Her recognized gain
3) Her basis in the stock
4) Her basis in the note
