Exercise $6-34($Algorithmic$)($LO$.4)$ On January $7,2024,$ Martin Corporation acquires two properties from a shareholder solely in exchange for stock in a transaction that qualifies under $351.$ The shareholder's basis, the fair market value, and the built$-$in gain $($loss$)$ of each property are: Shareholder's BasisFair Market ValueBuilt$-$In Gain $($Loss$)$Property $1$$$430,000$$$516,000$$$86,000$Property $2$$$731,000$$$559,000($$$172,000)$Net built$-$in loss$($$$86,000)$ Martin adopts a plan of liquidation later in the year and distributes Property $2$ to a $25\%$ shareholder when the property is worth $$473,000.$ a$.$Compute Martin's basis in Property $1$ and in Property $2$ as of January $7,2024.$ Martin's basis in Property $1$ is a stepped$-$downstepped$-$upcarryovercarryover basis of $fill in the blank $2.$ Martin's basis in Property $2$ is a stepped$-$downstepped$-$upcarryoverstepped$-$down basis of $fill in the blank $4.$ b$.$ Compute Martin's realized and recognized loss on the liquidating distribution of Property $2.$ Martin has a realized loss of $fill in the blank $5$ and a recognized loss of $fill in the blank $6.$ Feedback Area Feedback Under $336($a$),$ a corporation recognizes gain or loss on the distribution of property in a complete liquidation as if the property were sold at its fair market value. $336($d$)$ disallows some or all losses realized by a liquidating corporation. Feedback Check My Work Under $336($a$),$ a corporation recognizes gain or loss on the distribution of property in a complete liquidation as if the property were sold at its fair market value. $336($d$)$ disallows some or all losses realized by a liquidating corporation.