In each of the following problems determine the items indicated in the attached chart. Be sure to include the applicable code section that led to your conclusion.

1. A contributes land purchased several years ago with a FMV of $100, adjusted basis $40 in exchange for all of Xs stock, a newly organized corporation. Shortly thereafter A, sells half of his X stock to B (an unrelated person) for $50 in a separate event from the incorporation.

2. Same as 1 above, except the sale to B is an integral part of the incorporation plan.

3. A & B jointly organize X. A transfers land purchased several years ago, with a FMV of $100, adjusted basis of $40 in exchange for $50 in cash and half of Xs stock. B transfers $50 in cash to X in exchange for the other half of Xs stock. A does not sell X stock to B.

	1	2	3
As amount realized on contribution of land for stock
As gain or loss realized on contribution of land for stock
As gain or loss recognized on contribution of land for stock
As basis in the x stock received
As holding period for the X stock
Xs basis in property received
Xs holding period for the property
Amount & character of Xs gain if X immediately sells the property for $100
Amount & character of As gain on As sale of of stock to B
Amount of As basis in remaining X shares
Amount of Bs basis in X shares