$1.$ In forming Parts Incorporated as a corporation, Candice transferred inventory to Parts Incorporated in exchange for $30$ percent of the corporation's stock $(60$ shares valued at $$130,000).$ The inventory$$s fair market value was $$147,000$ and its adjusted tax basis to Candice was $$75,000.$ The inventory was subject to a $$17,000$ liability that Parts Incorporated assumed on the transfer. Candice borrowed the $$17,000$ from the bank $($using the inventory as collateral$)$ shortly before transferring the inventory to Parts Incorporated and used the loan proceeds to pay for a family vacation to Europe.

a$.$ Assuming the transfer qualifies under $351$ and that the liability has a tax$-$avoidance purpose, what gain or loss will Candice recognize on the transfer?

b$.$ Assuming the transfer qualifies under $351$ and that the liability has a tax$-$avoidance purpose, what is Candice's basis in the stock received in the exchange?

c$.$ Suppose the liability does not have a tax$-$avoidance purpose. What gain will Candice recognize on the transfer?

d$.$ Suppose the liability does not have a tax$-$avoidance purpose, what is Candice's basis in the stock received in the exchange?