3. Andy and Chris intend to operate a business together as a " C " corporation. Andy contributes certain property having a tax basis to him of $60,000, with a fair market value of $200,000, for 50 shares in their company, ABC corporation. Chris provides services worth $200,000 for the other 50 shares. Is this a good section 351 transaction? What are the tax consequences to Andy and Chris? (20 points) 3. Andy and Chris intend to operate a business together as a " C " corporation. Andy contributes certain property having a tax basis to him of $60,000, with a fair market value of $200,000, for 50 shares in their company, ABC corporation. Chris provides services worth $200,000 for the other 50 shares. Is this a good section 351 transaction? What are the tax consequences to Andy and Chris? (20 points)