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Rosa owns 30% of Pine Corporation's stock (basis of $50,000) and the other 70% was recently purchased by Arvid (basis of $620,000). Pine enters into a reorganization with Lodgepole Corporation, in which Rosa will receive a 5% interest (value of $300,000) in Lodgepole and Arvid will receive a 10% interest (value of $600,000) plus assets worth $100,000. Lodgepole's basis in these assets is $60,000. At the time of reorganization, Pine's value is $1 million, and Lodgepole's value is $6 million.
a. What are Rosa's and Arvid's basis in their new Lodgepole stock?
b. What is the amount of gain (loss) recognized by Rosa, Arvid, Pine, and Lodgepole on the organization?
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