Recognized gain is the lesser of boot or realized gain.

Realized gain/loss is FMV of stock received plus boot less AB.

The stock received FMV is missing in this problem. Either there is another way to calculate basis or there's another formula to determine it that I'm unaware of. I've just started a class on basis and we haven't gone that far yet.

The above formula is based on Sec. 351 where the owner(s) gain 80% control of the corporate stock to delay gain.

There is also a formula to determine a sale, since the properties transferred are not like-kind exchanges. I think the sale formula realized gain=recognized gain. I'm not sure though. But I still need the stock FMV.

This is a vague question that possibly Sec 351 because it uses property in exchange for stock instead of using cash to acquire stocks.

I'm sorry that this is no help, but I did spend hours to research the answer to this question.