7-23. Continuity of interest: Consideration. Joan, Jill and Jane each own 100% of the stock of three separate corporations. They combined their separate corps into a new corp called Triple J. Under state law the transaction is a consolidation. Joan receives all the common stock of triple J valued at $300,000 Jill receives all of the nonvoting preferred stock of Triple J valued at $200,000, and Jane receives all the 30year bonds (value of 100,000) issued by Triple J. Does the transaction qualify as a reorg?