Question: Exercise 18-22 (Algorithmic) (LO. 1, 2, 3) Diego transfers real estate with an adjusted basis of $635,200 and fair market value of $889,280 to a

Exercise 18-22 (Algorithmic) (LO. 1, 2, 3) Diego transfers real estate with an adjusted basis of $635,200 and fair market value of $889,280 to a newly formed corporation in exchange for 100% of the stock. The corporation assumes the liability on the transferred real estate in the amount of $755,888. Determine Diego's recognized gain on the transfer and the basis for his stock. If amount is zero, enter "O". Diego has a recognized gain on the transfer of $ and a basis of $ for his stock

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2. In this chapter, the reader should reflect on the following concepts: