Description	Tax Basis	FMV
Cash	230,000	230,000
Accounts receivable	0	100,000
Vehicles (cost $200,000; accumulated depreciation $75,000; acquired in 2016)	125,000	100,000
Equipment (cost $350,000; accumulated depreciation $75,000; acquired in 2018)	275,000	240,000
Customer lists and contracts	0	210,000
Billing and accounting software	0	600,000
Debt due to Grand Teton National Bank secured by mortgage on assets contributed by Cameron	(400,000)	(400,000)
TOTAL	230,000	1,680,000

o 16,800 shares of common stock, $100 par value, issued to Cameron

• As part of their deal, Gloria and Cameron agree that they will be issued an equal number of shares in YCI. Because Gloria has contributed assets to YCI with a fair market value of $2,375,000 in exchange for stock with a fair market value of $1,680,000, he will receive cash from YCI of $695,000 upon its formation. YCI will obtain a loan from Mammoth National Bank to fund the payment to Gloria.
• YCI is formed on October 1, 2020. It will have an October 1 to September 30 fiscal year.
• $30,000 of organizational costs are incurred by YCI before September 30, 2021.
• YCI will be taxed as a C corporation.
• Additional information regarding YCI:

o Employer Identification Number: 48-15176452 o Address: 111 Milky Way, Jackson, Wyoming 83001

Based on the information provided above, provide responses to the following questions:

(2a) How much gain (loss) will Cameron realize on the contribution of the assets to YCI?

(2b) How much gain (loss) will Cameron recognize on the contribution of the assets to YCI?

(2c) What will be Camerons basis in the 16,800 shares of YCI common stock he receives?