In 2015, Thomas transferred land he bought in 2001 worth $100,000 to Andy Co. in return for 50 shares of stock. The land has an adjusted basis of $30,000 and is subject to a $50,000 mortgage. The transfer is part of a qualified Code Sec. 351 transfer (Thomas is one of several transferors). What are the tax consequences to Thomas? show the work and discuss how you approached the problem and set it up tp be resolved