$2$ Luciana, Jon, and Clyde incorporate their respective businesses and form Starling Corporation. On March $1$ of the current year, Luciana exchanges her property $($basis of $$50,000$ and value of $$150,000)$ for $150$ shares in Starling Corporation. On April $15,$ Jon exchanges his property $($basis of $$70,000$ and value of $$500,000)$ for $500$ shares in Starling. On May $10,$ Clyde transfers his property $($basis of $$90,000$ and value of $$350,000)$ for $350$ shares in Starling.

A If the three exchanges are part of a prearranged plan, what gain will each of the parties recognize on the exchanges?

B Assume that Luciana and Jon exchanged their property for stock four years ago, while Clyde transfers his property for $350$ shares in the current year. Clyde's transfer is not part of a prearranged plan with Luciana and Jon to incorporate their businesses. What gain will Clyde recognize on the transfer?

C Returning to the original facts, if the property that Clyde contributes has a basis of $$490,000($instead of $$90,000),$ how might the parties otherwise structure the transaction?