Pursuant to a plan of corporate reorganization adopted in the current year, paul exchanged 2,000 shares of mpc corporation common stock which he had purchased for $400,000 for 2,400 shares of aim corporation common stock that have a fair market value of $800,000. as a result of the exchange, paul's recognized gain and his basis in the aim stock are: a. no recognized gain and basis of $400,000. b. no recognized gain and basis of $800,000. c. recognized gain of $200,000 and basis of $800,000. d. recognized gain of $400,000 and basis of $400,000.