The tax year 2020

Exercise 18-22 (Algorithmic) (LO. 1, 2, 3) Diego transfers real estate with an adjusted basis of $683,600 and fair market value of $957,040 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 $813,484. 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