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What is Cato recognized gain or loss

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Problem - In a qualifying reorganization, Cato exchanges $1,200,000 worth of stock and property valued at $500,000 ($245,000 basis) for all of Firestar's assets, which have a value of $1,700,000 and a $500,000 basis. Firestar distributes the property received from Cato. The exchange meets the § 368 requirements.

Required -

a. What is Cato's recognized gain/loss from the reorganization?

b. What is Firestar's recognized gain/loss from the reorganization?

Reference no: EM132662269

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