Chip has an accrual$-$method, calendar$-$year sole proprietorship. On January $1,2019,$ he created an accrual$-$method, calendar$-$year corporation and transfer to corporation, in exchange for all of the corporation$$s stock $(1$ class$),$ a single asset as follows: Depreciable assets with an original cost of $$100,000,$ adjusted basis of $$30,000,$ value of $$400,000,$ and holding period of $7$ years. Vic joined Chip in January $1,2019,$ capitalization of corporation, with Vic contributing $$200,0000.$ Chip got half of the stock and Vic got the other half of the stock. Chips assets is subject to non$-$recourse liability of $$200,000.$

Determine the following:

$1.$ What is the value of the corporation immediately after section $351$ event?

$2.$ Determine the tax consequence for:

$1.$ Chip

$2.$ Corporation