Jay owns 80% of Emerald Corporation stock. He transfers a business automobile to Emerald in exchange for additional Emerald stock worth $12,000 and Emerald's assumption of both his $1,500 automobile debt and his $3,000 education loan. The automobile originally cost Jay $18,500 and, on the transfer date, has a $5,000 adjusted basis and a $16,500 FMV. Read the requirements. Requirement a. What are the amount and character of Jay's recognized gain or loss? Jay realizes a and recognizes a This is treated as Requirement b. What is Jay's basis in his additional Emerald shares? Jay's basis in the stock is Requirement c. When does Jay's holding period for the additional shares begin? Jay's holding period for the additional shares Requirement d. What basis does Emerald take in the automobile? Emerald corporation's basis in the automobile is Choose from any list or enter any number in the input fields and then continue to the next