Dan Knight and Patricia Chen, who are good friends, form Crane Corporation. Dan transfers land (worth $200,000, basis of $60,000) for 50%. of the stock in Crane. Patricia transfers machinery (worth $150,000, adjusted basis of $30,000) and provides services \VOrth $50,000 for 50% of the stock. a. Will the transfers qualify under 351? Explain. b. What are the tax consequences to Dan and Patricia? c. What is Crane Corporation's basis in the land and the machinery? d. Enter the results of this transaction to Patricia on her Form 1040 (p. 1) (use the most current ~--- form available). Her Social Security number is 123-45-6789.