In 2015?,Curt?,Jay?,and Fiona form Sirens Corporation.Curt contributes land? (a capital? asset) having a $100,000 FMV in exchange for

90 shares of Sirens stock. He purchased the land in 2013 for $140,000.Jay contributes machinery? (Sec. 1231 property purchased in 2012?)

having a $75,000 adjusted basis and a $60,000 FMV in exchange for 60 shares of Sirens stock.Fiona contributes services worth $40,000 in exchange for 30 shares of Sirens stock.

a.	What is the amount of Curt?'srecognized gain or? loss?
b.	What is Curt?'s basis in his Sirens ?shares? When does his holding period? begin?
c.	What is the amount of Jay?'s recognized gain or? loss?
d	What is Jay?'s basis in his Sirens shares? When does his holding period? begin?
e.	How much? income, if? any, does Fiona recognize?
f.	What is Fiona?'s basis in her Sirens ?shares? When does her holding period? begin?
g.	What is Sirens?'s basis in the land and the? machinery? When does its holding period?begin? How does Sirens treat the amount paid to Fiona for her? services?