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I, an individual, contributed three properties to X Corporation (X) in a transaction that qualifies for IRC 351: P1 Fair Market Value (FMV) $100, adjusted
I, an individual, contributed three properties to X Corporation ("X") in a transaction that qualifies for IRC 351: P1 Fair Market Value ("FMV") $100, adjusted basis $50, P2 FMV $100, adjust basis $200 and P2 FMV $250, AB $350, in exchange for X stock.
a. What income, gain, or loss, if any, does I recognize as a result of the transaction?
b. What is I's adjusted basis in the shares of X stock received in the transaction?
c. What is X' adjusted basis in P3?
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