Jess, Christy, and Talor pool their resources to form JCT Inc., a calendar year, accrual basis C-Corporation. The following is a list of the assets that Jess, Christy, and Talor contribute to JCT Inc. in exchange for 100% of JCT, Inc.'s single class of voting stock. Talor's services consisted of attorney services in connection with organizing the corporation. JCT Inc.'s total organizational expenditures were $54,000 and JCT Inc. began operations on 10/1/2021. Asset FMV Basis Liability Assumed Jess Tractor $400,000 $225,000 ($300,000) Christy Land $400,000 $290.000 Talor Services $30,000 Jess received 189 shares, Christy received 755 shares, and Talor received 6 shares a. What gain or loss, if any, does Jess recognize on this transaction? Does Christy recognize? Does Talor recognize? b. What are the shareholders' respective bases in the stock received (assume no special elections are made)? c. What is JCT Inc.'s basis in the Tractor? In the Land? d. How does JCT Inc. treat the stock distributed to Talor