Ellen received a liquidating distribution from Lopas Corp. as part of a redemption of all of its stock. Ellen's basis for her Lopas stock was \(\$ 13,000\). In exchange for her stock, Ellen received property with a \(\$ 10,000\) basis and a \(\$ 35,000\) fair market value that is subject to a \(\$ 18,000\) mortgage, and also received cash of \(\$ 15,000\).

a. What is Ellen's realized and recognized gain from this complete liquidation?

b. What is Ellen's tax basis for the non-cash property he received?