Facts: Joe contributes property with FMV of $$100,000$ and basis of $$40,000$ to JH Inc.

a$.$ If JH Inco takes property subject to Joe$$s liability or assumes Joe$$s liability of $$20,000.$ Compute the gain realized and recognized if any. This is not a Section $351$ transaction.

b$.$ Assume the same facts as above, except that the transfer is a Section $351$ transaction. Compute the gain realized and recognized if any.

c$.$ Assume the same facts as above, except that the transfer is a Section $351$ transaction and the liability does not have a business purpose. Compute the gain realized and recognized if any.

d$.$ Assume the same facts as above, except that the transfer is a section $351$ transaction, the liability is $$45,000,$ the JH stock is worth $$55,000$ and the section $357($b$)$ does not apply. Compute the gain realized and recognized if any.