Exercise 20-25 (Algorithmic) (LO. 3) Townsend, the sole shareholder of Pruett Corporation, has a $477,200 basis in his stock. He exchanges all of his Pruett stock for $596,500 of Rogers Corporation voting common stock plus land with a fair market value of $119,300 and basis of $29,825. Pruett distributed to Townsend. This exchange meets all Code requirements. If an amount is zero or there is no gain or loss, enter "0". a. What is Townsend's recognized gain/loss from the reorganization? Townsend recognizes of $ b. What is the gain/loss recognized by Pruett Corporation and Rogers Corporation on the reorganization? Rogers Corporation recognizes of $ and Pruett Corporation recognizes of $ C. What is Townsend's basis in the Rogers stock and the land received? The basis in the Rogers stock is $ X and the basis in the land is $