James, Jennifer and Jeff form Triple J Corporation with the transfer of the following consideration:

Consideration Transferred

Basis to Transferor Fair Market Value Number of shares issued

From James:

Personal services rendered to Form Triple J Corporation $$-$ $$120,000$ $$120$

From Jennifer:

Installment Obligation $$10,000$ $$60,000$

Secret process $$-$ $$57,000$ $$1,170$

From Jeff:

Inventory $$11,000$ $$17,000$ $$170$

The value of each share in Triple J Corporation is $$100.$

Required: James, Jennifer and Jeff form Triple J Corporation with the transfer of the following consideration:

For each shareholder above, state the tax consequences to each without and with the provisions of $351$ of the Internal Revenue Code. Include any recognized gain$/($loss$)$ and basis of shares received. $($Show your work$)$