$4.$ On May $15,2022,$A Corp. acquires property$$from a shareholder solely in exchange for stock$$in a Sec. $351$ exchange. The shareholders basis and the fair market value of the properties were:

$$Shareholder$\text{'}$s Basis$$ FMV

Property$$$$500,000$ $$375,000$

The shareholder elected to reduce their basis in their stock at the time it was contributed to the corporation.

A Corp. adopts a plan of liquidation on November $15,2022,$ and distributes$$the property to a $30\%$ shareholder when the property is worth $$150,000.$

a$.$ Compute$$A Corp's$$basis in the Property.

b$.$ Compute A Corp realized and recognized gain$/$loss on the liquidating distribution of property