Dana owns Gal Corp. stock which she purchased ten years ago for $350,000. Pursuant to a plan of corporate reorganization, Gal Corp. will be merged into Lewis Corp. As a result of the merger, Dana receives Lewis Corp. stock valued at $300,000 plus Lewis Corp. bonds valued at $100,000, in exchange for her Gal Corp. stock.
What is Dana's realized gain and recognized gain resulting from the merger?
What is Dana's tax basis for the Lewis Corp. bonds?
What is Dana's tax basis for the Lewis Corp. stock that she received?