In a transaction unrelated to any other, Individual H and transferred property to X corporation on July 17, 2019. H transferred property with FMV of $1,000 and AB of $500, in exchange for 100 shares of X corporation stock. At the time (July 17, Year 2019) X Corporation was already in existence and had one shareholder I, who owned 100 shares. 1. What income, gain or loss, if any does H recognize as result of the transaction?

2. What is X adjusted basis in property contributed by H? 3. How would the answer to 1 above change, if at all, of on July 17 2019 I also transferred property with a FMV of $50 and AB of $26 for 5 shares of X stock?