CVF owned 2,000 shares of Jarvis nonvoting common stock with a $225,000 basis. In each of the following cases, determine CVF’s recognized gain or loss on the disposition of this stock:
a. CVF exchanged it for 1,300 shares of Jarvis voting common stock worth $387,000.
b. CVF exchanged it for U.S. long-term bonds worth $317,500.
c. CVF exchanged it for 900 shares of Newton common stock worth $280,000. This exchange was not pursuant to a corporate reorganization involving Jarvis and Newton.
d. CVF exchanged it for 900 shares of Newton common stock worth $280,000. This exchange was pursuant to a corporate reorganization involving Jarvis and Newton.