28)

T co.'s only class of stock is owned as follows: Dave 60% ($30,000 basis) and Mary 40% ($20,000 basis). Joe owned 100% of P co. Pursuant to a plan of reorganization P co. simultaneously acquired all of Dave's T co. stock for $50,000 of P co. voting common stock and 50% of Mary's stock (20% of T co.) for $35,000 P co. voting preferred stock.

Dave's recognized gain and basis in the P co. stock is, respectively?

	a.	$20,000 and $50,000
	b.	0 and $30,000
	c.	None of these.
	d.	0 and $50,000

29)

Mary's recognized gain and basis in the P co. stock is, respectively?

	a.	0 and $35,000
	b.	None of these.
	c.	0 and $10,000
	d.	$25,000 and $25,000

30)

P co.'s recognized gain or loss and basis in the T co. stock is, respectively?

	a.	0 and $40,000
	b.	None of these.
	c.	$45,000 loss and $85,000
	d.	0 and $85,000

31)

If instead of giving Dave all P co. stock, P co. gives Dave P co. voting common stock (fmv $45,000) and P co. securities (principal amount and fmv $5,000), Dave's recognized gain and basis in the P co. stock is, respectively?

	a.	$ 5,000 and $45,000
	b.	$ 5,000 and $30,000
	c.	None of these.
	d.	$20,000 and $45,000