John and Lydia form Fusco Inc., a C-Corporation. Lydia transfers land (FMV $100,000 and adjusted basis of 100,000) and agrees to provide legal services to draft the organization documents worth $190,000 for 50% of the stock in the corporation. John transfers equipment (FMV $310,000 adjusted basis of $75,000 for 50% of the stock in the corporation and $20,000 cash. The value of the stock received is $290,000 for each John and Lydia. (8 points) a. Will the transfer qualify under 351 as a tax free transfer? Explain. b. What are the tax consequences to John and Lydia including the basis in the stock they received? c. What is Fusco Inc.s basis in the land and equipment received? d. Would your answers change to questions a and b if Lydia had only contributed the services?