(5) Jones transfers property with a total FMV of $250,000 and an aggregate adjusted basis of $310,000 exchange for 100% of Newco's stock. (a) (b) What are the tax consequences to Jones and Newco? Assume instead that Jones contributed three properties, A, B and C, to Newco and that the FMV of each was $160,000, 55,000 and $35,000, respectively and the adjusted basis of each property was $140,000, $90,000 and $80,000, respectively. How would that impact your answer?