7. Elizabeth, Rod, June and Whit form Zelcova Corporation with the following consideration:

CONSIDERATION TRANSFERRED

	Basis to Transferor	Fair Market Value	Number of Shares Issued
From Elizabeth Personal services rendered to Zelcova Corporation	$0	$30,000	30
From Bob Equipment	$345,000	300,000	300
From June - Cash Unrealized accounts receivable	60,000 0	60,000 90,000	130*
From Whit Land and building Mortgage on land and building	210,000 300,000	450,000 300,000	150

*June receives $20,000 in cash in addition to the 130 shares.

Zelcova Corporation assumes the mortgage transferred by Whit. The value of each share of Zelcova stock is $1,000.

As to these transactions, provide the following information:

a. Elizabeths recognized gain or loss.

b. Elizabeths basis in the Zelcova stock.

c. Bobs recognized gain or loss.

e. Corporations basis in the equipment.

f. Junes recognized gain or loss.

g. Junes basis in the Zelcova stock.

h. Zelcova Corporations basis in the unrealized receivables.

i. Whits recognized gain or loss.

j. Whits basis in the Zelcova stock.

k. Zelcova Corporations basis in the land and building.