4. Pepper and Jack form Muenster Inc., a C-Corporation. Pepper transfers land (FMV $60,000 and adjusted basis of $6,000) and agrees to provide accounting services to help organize the entity worth $180,000 for 50% of the stock in the corporation. Jack transfers equipment (FMV $240,000 adjusted basis of $25,000 for 50% of the stock in the corporation. The value of the stock received is $240,000 for each Pepper and Jack. a) Will the transfer qualify under $351 as a tax free transfer? Explain. b) What are the tax consequences to Pepper and Jack including the basis in the stock they received? c) What is Muenster Inc.'s basis in the land and equipment received? d) Would your answers change to questions a, b, and c if Pepper's land had FMV of $15,000 instead?