In a qualifying section 368 reorganization, Corporation A. exchanges $1.2 million dollars worth of stock and property valued at $500,000 (basis of $245,000) for all of Corporation B's assets, which have a value of $1.7 million dollars and a basis of $350,000. Corporation B distributes all the property and stock received from Corporation A to its shareholders and liquidates.
A) What type of reorganization might this be and why?
B) What is Corporation A’s recognized gain/loss from this reorganization?
C) What is Corporation B's and their shareholders recognized gain/loss from this reorganization?