Jill transfers equipment worth $170,000 with a basis of $70,000 to Green Corporation in

exchange for 50% of Green stock worth $170,000

Joan transfers property worth $100,000 with a basis of $30,000 and will perform $70,000 worth of services to Green in exchange for 50% of Green stock worth $170,000

Determine Jill and Joan's realized gain or loss, recognized gain or loss, and basis in the stock

Determine Green's basis in the assets