Question: Exercise 4-22 (Algorithmic) (LO. 1, 2, 3) Diego transfers real estate with an adjusted basis of $294,200 and fair market value of $411,880 to

Exercise 4-22 (Algorithmic) (LO. 1, 2, 3) Diego transfers real estate with

Exercise 4-22 (Algorithmic) (LO. 1, 2, 3) Diego transfers real estate with an adjusted basis of $294,200 and fair market value of $411,880 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 $350,098. Determine Diego's recognized gain on the transfer and the basis for his stock. If amount is zero, enter "0". Diego has a recognized gain on the transfer of $ and a basis of for his stock.

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