Jackson owns 80% of Shapphire Corporation stock. He transfers a business automobile to Shapphire in exchange for additional Shapphire stock worth $12,000 and Shapphire's assumption of both his $2,500 automobile debt and his $3,000 education loan. The automobile originally cost Jackson $22,500 and, on the transfer date, has a $7,000 adjusted basis and a $17,500 FMV. Read the requirements Requirement a. What are the amount and character of Jackson's recognized gain or loss? Jackson realizes a and recognizes a This is treated as Requirement b. What is Jackson's basis in his additional Shapphire shares? Jackson's basis in the stock is Requirement c. When does Jackson's holding period for the additional shares begin? Jackson's holding period for the additional shares Requirement d. What basis does Shapphire take in the automobile? Shapphire corporation's basis in the automobile is