Alex, Bob, Clark, and David formed Enterprise Co. a C corporation. They made the following contritbutions in exchange for stock.

Alex - $20,000 in cash, property worth 60,000 (40,000 basis)

Bob -$10,000 in cash, property worth 50,000 (30,000 basis) with related assumed recourse liablity of 20,000

Clark - Property worth $60,000 ($50,000 basis), received $10,000 in cash from Integrity Co.

David - $10,000 in cash, property worth $40,000 (5000 basis) with a related assumed recourse liability of 20,000

Find the following information for each shareholder.

1. Shareholder Tax in Stock 2.Shareholder Realized Gain 3. Shareholder Recognized Gain 4. Enterprise Co Tax Basis in Noncash Property Received

Alex 1. 2. 3. 4.

Bob 1. 2. 3. 4.

Clark 1. 2. 3. 4.

David 1. 2. 3. 4.