Barbie and ken formed Dream House Corporation on January 3. Ken contributed cash of $600,000 in return for 50% of the corporation's stock. Barbie contributed a building and land with the following fair market values and adjusted basis in return for 50% of the corporation's stock. Barbie received stock with a fair market value of $600,000.

Barbie and Ken formed Dream House Corporation on January 3, Ken contributed cash of $600.000 in return for so percent of the corporation's stock. Barble contributed a building and land with the following fair market values and adjusted basis in return for 50 percent of the corporations stock, Barbie received stock with a fair market value of $600.000 PMV Building 200.000 400,000 Land Adjusted basis 180.000 470.000 $ 650,000 Total 5 000.000 What amount of mon or loss does Barbie realize on the formation of the corporation b. What amount of gain or loss, if any, does she recognize What is Barbie'starasis in the stock she receives in return for her contribution of property to the corporation d. What adjusted basis does Dream House Corporation take in the land and building received from Barbie What amount of gain or loss does en rele on the formation of the corporation 1. What amount of gain or loss, if any, does he recognized 2. What is ker's tax basis in the stock he receives in return for his contribution of property to the corporation