Fall ToTY Points: 4 of 25 Save In the current year, Matt, Nick, and Fiona form Agua Corporation. Matt contributes land (a capital asset) having a $75,000 FMV (fair market value) in exchange for 130 shares of Agua stock. He purchased the land three years ago for $140,000. Nick contributes machinery (Sec. 1231 property purchased four years ago) having a $115,000 adjusted basis and a $45,000 FMV in exchange for 90 shares of Agua stock Fiona contributes services worth $30,000 in exchange for 40 shares of Agua stock. Read the requirements. Requirements What is Matt's basis in his Agua shares? When does his holding period begin? Requirement a. What is Matt realizes a a. What is the amount of Matt's recognized gain or loss? b. C. What is the amount of Nick's recognized gain or loss? d. e. 1 f. g. What is Nick's basis in his Agua shares? When does his holding period begin? How much income, if any, does Fiona recognize? What is Fiona's basis in her Agua shares? When does her holding period begin? What is Agua's basis in the land and the machinery? When does its holding period begin? How does Agua treat the amount paid to Fiona for her services? Print Done I