In the current year, Mick, Hank, and form Hades Corporation Mick contributes and a capital asset) having a $125,000 EMV in exchange for 145 shares of Hades stock He purchased the land three years for $140 000 Hank contributes machinery (See 1231 property purchased four years ) having a $130 000 adjusted basis and a $75 000 FMV in exchange for 105 shares of Hades stock contributes Services worth $50 000 in exchange for 40 shares of Hades stock Read the requirements Hank's basis in the Hades shares is $ four years ago when Hank originally 130,000 and his holing period for the stock is deemed to begin purchased the machinery Requiremente. How much income, if any, does Lul recognize? Lulu r s 5 00,000 in Indonzordnary income of $ 50,000 Requirement. What is tuu's baus in der Hades shares? When does her holding period begin? Lulu's basis in the Hades shares is for the exchange date in the curto $50,000 and her holding period begins the day porodn ikow does Hace treat the amount paid to w for her Requirement Was Hades's basis in the wd and the machinery? When does it Soros? Les begin by determining the basis in the land and when the holding period would begin and Hades's holding pood begins the day