In the current year, Ed, Frank, and George form Jet Corporation Ed contributes land having a $35,000 FMV purchased four years ago for $15,000 in exchange for 35 shares of Jet stock Fran contributes machinery purchased four years ago in exchange for 35 shares of Jet stock The machinery had a $45,000 adjusted basis and a $35,000 FMV George contributes services worth $30,000 in exchange for 30 shares of Jet stock Does this transaction qualify for a Section 351 exchange What is the amount of Eds recognized gain or loss What is Eds basis in his Jet shares When does his holding period begin What is the amount of Frans recognized gain or loss What is Frans basis in her Jet shares When does her holding period begin How much income, if any, does George recognize What is Georges basis in his Jet shares When does his holding period begin What is Jets basis in the land and the machinery When does its holding period begin How does Jet treat the amount paid to George for his services How would your answers to Parts A through H change in George instead contributed $5,000 in cash and services worth $25,000 for his 30 shares of Jet stock

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In the current year, Ed, Frank, and George form Jet Corporation. Ed contributes land having a $35,000 FMV purchased four years ago for $15,000 in

In the current year, Ed, Frank, and George form Jet Corporation. Ed contributes land having a $35,000 FMV purchased four years ago for $15,000 in exchange for 35 shares of Jet stock. Fran contributes machinery purchased four years ago in exchange for 35 shares of Jet stock. The machinery had a $45,000 adjusted basis and a $35,000 FMV. George contributes services worth $30,000 in exchange for 30 shares of Jet stock.

Does this transaction qualify for a Section 351 exchange?

What is the amount of Eds recognized gain or loss?

What is Eds basis in his Jet shares? When does his holding period begin?

What is the amount of Frans recognized gain or loss?

What is Frans basis in her Jet shares? When does her holding period begin?

How much income, if any, does George recognize?

What is Georges basis in his Jet shares? When does his holding period begin?

What is Jets basis in the land and the machinery? When does its holding period begin? How does Jet treat the amount paid to George for his services?

How would your answers to Parts A through H change in George instead contributed $5,000 in cash and services worth $25,000 for his 30 shares of Jet stock?