1) Debate the following proposition:All coroporate formation transactions should be taxable event. 2) John and Mary each exchange property worth 50,000 for 100 shares of New Corporation Stock, Peter exchanges services for 98 shares of the New stock and $1,000 in cash for two shares of New stock. Are the Section 351 of tax regulations requirements met? Explain why or why not. What advice would you give the shareholders? 3) what areorganigational expenditures? How are they treated for tax purposes? 4) What are start-up expenditures? How are they treated for tax purposes? 5) What coroporation must pay estimated taxse? When are the estimated tax payments due?