Johanne transferred investment property to S&J Corporation in exchange for 60 percent of the S&J Corporation stock (60 shares valued at $115,000). The property's fair market value was $190,000 and its tax basis to Johanne was $60,000. The investment property was subject to a $75,000 mortgage that S&J Corporation assumed on the transfer (not treated as boot).

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Assuming the transfer qualifies under 351, what is the amount of the gain Johanne must recognize on the exchange and its character?

What is Johanne's tax basis in the S&J stock received in the exchange?

Assume that in addition to the investment property, Johanne transferred inventory with a fair market value of $30,000 and an tax basis of $20,000 for additional S&J Corporation stock. What are the amount and character of gain Johanne must recognize on the exchange of the investment property and inventory for stock?

Assume that in addition to the investment property, Johanne transferred inventory with a fair market value of $30,000 and an adjusted tax basis of $20,000 for additional S&J Corporation stock. What is Johannes tax basis in the S&J stock received in the exchange?

Assume the original facts except that the liability assumed by S&J Corporation would give rise to a deduction when paid. What are the amount and character of gain Johanne must recognize on the exchange?

Assume the original facts except that the liability assumed by S&J Corporation would give rise to a deduction when paid. What is Johanne's basis in the S&J stock received in the exchange?