allie forms broadhill corp by transferring and (basis of $125,000, fair market value of $775,000, which is subject to a mortgage of $375,000.

allie forms broadhill corp by transferring and (basis of $125,000, fair market value of $775,000, which is subject to a mortgage of $375,000. One month prior to incorporating broadhill, allie borrows $100,000 for personal reasons and gives the lender a second mortgage on the land. Broadhill corp issues stock worth $300,000 to allie and assumes the mortgages on the land.a). what are the tax consequences to allie and to broadhill corp.?b). how would the tax consequences to allie differ if she had not borrowed the $100,000?