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Help Save & Exit Submit Jamie transferred 100 percent of her stock in Fox Company to Otter Corporation in a Type A merger. In exchange, she received stock in Otter with a fair market value of $400,000 plus $600,000 in cash. Jamie's tax basis in the Fox stock was $600,000. What amount of gain does Jamie recognize in the exchange and what is her basis in the Otter stock she receives? Multiple Choice O $400,000 gain recognized and a basis in Otter stock of $400,000 O $600,000 gain recognized and a basis in Otter stock of $600,000 Copy $600,000 gain recogn Iter stock of $400,000