6. Ken and Jim agree to go into business together selling old comic books and records. According to the agreement, Ken will contribute inventory valued at $200,000 in return for 80 percent of the stock in the corporation. Ken's tax basis in the inventory is $100,000. Jim will receive 20 percent of the stock in return for providing accounting services to the corporation (these qualify as organizational expenditures). The accounting services are valued at $50,000. Please answer the following questions about the tax consequences of the transaction to Ken. a. What amount of gain or loss does Ken realize on the formation of the corporation? b. What amount of gain or loss, if any, does he recognize? c. What is Ken's tax basis in the stock he receives in return for his contribution of property to the corporation? d. What amount of income gain or loss does Jim realize on the formation of the corporation? e. What amount of gain or loss, if any, does he recognize? f. What is Jim's tax basis in the stock he receives in return for his contribution of services to the corporation? g. Suppose instead that Ken will receive 75 percent of the stock in the corporation and Jim will receive 25 percent of the stock in the corporation. All other facts remain the same. What amount of gain or loss does Ken now recognize on the formation of the corporation? What is Kens basis in the stock he receives?