Assume the following facts:

P has 1000 shares outstanding and T has 500 shares outstanding

Paul owns 100% shares of P and Teresa owns 100% of T. P's only asset is $100,000 in cash.

Paul's adjusted basis in his P stock is $40,000 and the P stock is valued at $100,000.

Teresa's adjusted basis in her T stock is $15,000 and the T stock is valued at $50,000.

T's printing press has an adjusted basis of $12,000 and it is valued at $50,000

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***there is 3 Scenario, and I attacked those questions, can you explain me all question in detail?

Thank you.

Problem 6 Assume the following facts: P has 1000 shares outstanding and T has 500 shares outstanding. Paul owns 100% shares of P and Teresa owns 100% of T. P's only asset is $100,000 in cash. T's only asset is a printing press. Paul's adjusted basis in his P stock is $40,000 and the P stock is valued at $100,000. Teresa's adjusted basis in her T stock is $15,000 and the T stock is valued at $50,000. T's printing press has an adjusted basis of $12,000 and it is valued at $50,000. Scenario 1: Paul transfer 500 shares of P stock in exchange for 500 shares of T stock. T continues as a subsidiary of P after the transaction. After the transaction described above, What is P's recognized gain/loss and adjusted basis in assets/stock held? What is T's recognized gain/loss and adjusted basis in assets/stock held? What is T's shareholder's recognized gain/loss and adjusted basis in assets/stock held? If there is no change in adjusted basis in assets/stock held, you can just write \"unchanged\". Scenario 2: Paul transfer 450 shares of P stock and $5,000 in exchange for T's printing press. T liquidates after the transaction. After the transaction described above, What is P's recognized gain/loss and adjusted basis in assets/stock held? What is T's recognized gain/loss and adjusted basis in assets/stock held? What is T's shareholder's recognized gain/loss and adjusted basis in assets/stock held? If there is no change in adjusted basis in assets/stock held, you can just write \"unchanged\". Scenario 3: Under state law, Paul transfer 250 shares of P stock and $25,000 in exchange for T's printing press. T dissolves after the transaction. After the transaction described above, What is P's recognized gain/loss and adjusted basis in assets/stock held? What is T's recognized gain/loss and adjusted basis in assets/stock held? What is T's shareholder's recognized gain/loss and adjusted basis in assets/stock held? If there is no change in adjusted basis in assets/stock held, you can just write \"unchanged\