ASAP

)Adams, Block, Smith and Jones are desirous of joining together in a business They choose to do business in a corporate form. On February 1, 2012, they form Mfg. Corp. with each contributing the following in exchange for Mfg. Corp voting common stock and non-voting preferred stock: PRIVATE Common Prefered Adams Machinery&Equip.200 FMV $40,000 200 Basis $10,000 Block Cash-FMV $40,000 200 200 Smith Services FMV $20,000 100 100 Jones Land&Building 500 500 FMV S100,000 Basis $30,000 What are the tax consequences to the corporation and the stockholders? Assume Jones did not contribute his land and building until April 1, 2012. What effect will this have upon your answer in part (1)? (a) Assume that Adams, Block & Smith, having formed Mfg. Corp. on February 1, 2012, and having received the ownership interest set out in part (I), decide on March 1, 2012, that it would be a good idea if Mfg. Corp. owned its own factory. They contact Jones who contributes his land and building on April 1, 2012, in exchange for the ownership interest set out in part (I): (2) What are the tax consequences to Adams, Block, Smith, Jones and Mfg. Corp. under these facts? (a) Assume that Adams, Block & Smith each contribute an additional $1,000 on April 1, 2012, to Mfg. Corp. These contributions result in each of them receiving an additional 5 shares of common stock and 5 shares of preferred stock. The additional contributions are directly related to Jones' contribution of his land and building. How would this affect your answer to part (a)? (b) What effect, if any, would it have on your answer to part (a), if Adams, Block & Smith had received the following shares of stock on February 1, 2012: (c)