exchange for stock in the corporati Forming a Corporation and Shareholder's Basis. (Obj. 1) 100 Obi 1) Toby contributes $60,000 cash in ne for stock in the corporation. Keith contributes land worth $70,000 (basis of 9.000) in exchange for $10.000 cash and $60,000 worth of stock in the corporation. After the transfer, Toby and Keith own 100% of the corporation. a. How much gain or loss do Toby, Keith, and the corporation recognize on the transfer b. What is Toby's basis in the stock? c. What is Keith's basis in the stock? d. What is the corporation's basis in the land? e. How, if at all, would your answers to parts a. through d. change if Keith's basis in the land were $66,000 (instead of $55,000? f. if at all, would your answers to parts a. through d. change if Keith's basis in the How, if at all, would your ans land were $81,000 (instead of $55,000) exchange for stock in the corporati Forming a Corporation and Shareholder's Basis. (Obj. 1) 100 Obi 1) Toby contributes $60,000 cash in ne for stock in the corporation. Keith contributes land worth $70,000 (basis of 9.000) in exchange for $10.000 cash and $60,000 worth of stock in the corporation. After the transfer, Toby and Keith own 100% of the corporation. a. How much gain or loss do Toby, Keith, and the corporation recognize on the transfer b. What is Toby's basis in the stock? c. What is Keith's basis in the stock? d. What is the corporation's basis in the land? e. How, if at all, would your answers to parts a. through d. change if Keith's basis in the land were $66,000 (instead of $55,000? f. if at all, would your answers to parts a. through d. change if Keith's basis in the How, if at all, would your ans land were $81,000 (instead of $55,000)