Jillianne and Myers form Booth Corporation. Jillianne transfers property (basis of $200,000 and value of $375,000) for 100 shares in Booth Corporation. Myers transfers property (basis of $180,000 and value of $285,000) and agrees to serve as manager of Booth for one year; in return, Myers receives 100 shares in Booth. The value of Myers' services to Booth is $90,000. If an amount is zero, enter "0" a. Jillianne recognizes o gain on the transfer. Myers has income of 90,000 Check My Work Questions have arisen concerning what consitutes property for purposes of 5 351. In general, the definition of property is com example, along with plant and equipment, unrealized receivables of a cash basis taxpayer and installment obi in the property it acquires from Mianne and a basis of SL-iso,000) V in the b. Booth Corporation has a basis of property it acquires from Myers. It has a $9o.000 business deduction for the value of the services Myers renders