A. S. Pippin transferred equipment with an adjusted basis of $105,000 and a fair market value of $155,000 for a 40% interest in P. Jackson Coaching, LLP. Determine S. Pippin's basis in the partnership interest and P. Jackson Coaching's basis in the equipment.

B. Same facts as in problem A except P. Jackson COaching is a C Corporation. Determine S. Pippin's basis in the stock and P. Jackson Coaching's basis in the equipment.