Craig, Will, Lee, Maria, and Tracy form Tiger Corporation with the following investment:

Consideration Transferred

From Craig- Raw land held 6 months	Basis to Transferor $10,000	Fair Market Value $ 30,000	Number of Shares Issued 30
From Will Apple Common (held 2 Months)	9,000	10,000	7
Business liability	3,000	3,000
From Lee- Accounts receivable (held 2 years)	-0-	300,000	270*
From Maria- Equipment (held 16 months)	240,000	400,000
Personal liability	100,000	100,000
Business liability	150,000	150,000	150
From Tracy- Building (held 12 months)	200,000	340,000
Mortgage on building	210,000	210,000	130

*Lee receives $30,000 in cash in addition to the 270 shares. Assume each share is worth $1,000.

All liabilities transferred by shareholders are assumed by Tiger Corporation. The value of each share of Tiger Corporation stock is $1,000.

1. What, if any, is Craig's recognized gain or loss?
2. What is Craig's basis in the Tiger Corporation stock?
3. How much gain or loss, if any, must Will recognize?
4. What is Will's basis in the Tiger Corporation stock?
5. What is Will's holding period in the stock?
6. How much gain or loss, if any, must Lee recognize?
7. What is Lee's basis in the Tiger Corporation stock?
8. What is Tiger Corporation's basis in the accounts receivable?
9. What is Lee's holding period in his stock?
10. What, if any, is Maria's recognized gain or loss?
11. What is Maria's basis in the Tiger Corporation stock?
12. How much gain or loss, if any, must Tracy recognize?
13. What is Craig's holding period in his stock?
14. What is Tiger Corporation's basis in the building?