Determine the tax consequences for the formation of a C Corporation by the following persons. Assume that value given is equal to value received. Transferor AB FMV Debt Relief Depreciati # of on taken Cash shares received received From G Notes Receivable 100,000 100,000 Machine Tools 60,000 30,000 Truck 100,000 270,000 500,000 Depreciation Recapture on Truck From H Accounts Rec. 0 220,000 Machinery 200,000 240,000 200,000 Equipment 85,000 140,000 From C Legal Advice Cash ? 250,000 65,000 65,000 70,000 250 30,000 500 120,000 100 a. Assuming IRC Section 351 applies, how much gain, if any, must G recognize (10)? b. Assuming IRC Section 351 applies, what will be G's basis in the Z Corporation stock (10)? c. Assuming IRC Section 351 applies, what will be Z Corporation's basis in the Truck and machine tools--state separately (10)? d. Assuming IRC Section 351 applies, how much gain, if any, must H recognize (10)? e. Assuming IRC Section 351 applies, what will be H's basis in the Z Corporation stock (10)? f. Assuming IRC Section 351 applies, how much gain or loss must C recognize if the services are to be rendered at a future date? Assume that C will forfeit the stocks if such services are not performed (5) g. Assuming IRC Section 351 applies, how will Z treat the value of C's services--state tax authority (5)?