Jamie, Jocelyn, and Josh have decided to form JJJ, Inc., a C corporation. Here are the contributions that each of these individuals made to form JJJ, Inc. Adjusted Basis Fair Market Value No. of shares received Jamie: Cash Equipment 20,000 100,000 20,000 780,000 800 shares Jocelyn: Office furnishings 160,000 170,000 150 shares* Josh: 1,000,000 700 shares Land and Building Mortgage 200,000 300,000 *In addition to receiving 150 shares of stock, Jocelyn also received $20,000 of cash. 1. Does Jamie have a recognized gain/income or loss from this transaction? 2. What is Jamie's basis in JJJ, Inc. stock? 3. What basis does JJJ, Inc. have in the equipment contributed by Jamie? 4. Does Jocelyn recognize gain, income, or loss from this transaction? 5. What is Jocelyn's basis in JJJ, Inc. stock? 6. What is JJJJ, Inc.'s basis in the office furnishings contributed by Jocelyn? 7. Does Josh recognize gain, income or loss from this transaction? 8. What is Josh's basis in JJJ, Inc. stock? 9. What is JJJ, Inc.'s basis in the land and building? Jamie, Jocelyn, and Josh have decided to form JJJ, Inc., a C corporation. Here are the contributions that each of these individuals made to form JJJ, Inc. Adjusted Basis Fair Market Value No. of shares received Jamie: Cash Equipment 20,000 100,000 20,000 780,000 800 shares Jocelyn: Office furnishings 160,000 170,000 150 shares* Josh: 1,000,000 700 shares Land and Building Mortgage 200,000 300,000 *In addition to receiving 150 shares of stock, Jocelyn also received $20,000 of cash. 1. Does Jamie have a recognized gain/income or loss from this transaction? 2. What is Jamie's basis in JJJ, Inc. stock? 3. What basis does JJJ, Inc. have in the equipment contributed by Jamie? 4. Does Jocelyn recognize gain, income, or loss from this transaction? 5. What is Jocelyn's basis in JJJ, Inc. stock? 6. What is JJJJ, Inc.'s basis in the office furnishings contributed by Jocelyn? 7. Does Josh recognize gain, income or loss from this transaction? 8. What is Josh's basis in JJJ, Inc. stock? 9. What is JJJ, Inc.'s basis in the land and building