29. Individual I transferred three properties (1, 2 and 3) listed below to Corporation X in a transaction that qualified for IRC $351. In the exchange I received only X stock. FMV AB Property #1 $10,000 Property #2 $20,000 $25,000 Property #3 $10,000 $25,000 $0 a. What is I's adjusted basis in the X stock received in the transaction? b. What is X's adjusted basis in Property #2? c. EXTRA CREDIT. If I had received $4,000 of cash (boot) in the exchange (instead of only X stock): (i) What gain or loss, if any, would I recognize? and (ii) What basis would X take in Property #1? 29. Individual I transferred three properties (1, 2 and 3) listed below to Corporation X in a transaction that qualified for IRC $351. In the exchange I received only X stock. FMV AB Property #1 $10,000 Property #2 $20,000 $25,000 Property #3 $10,000 $25,000 $0 a. What is I's adjusted basis in the X stock received in the transaction? b. What is X's adjusted basis in Property #2? c. EXTRA CREDIT. If I had received $4,000 of cash (boot) in the exchange (instead of only X stock): (i) What gain or loss, if any, would I recognize? and (ii) What basis would X take in Property #1