Jones, Able, and Smith want to form Shriver Corporation. They want to accomplish this in the most tax efficient (least costly) way possible. They have asked for advice. The counselor will receive $10,000 (in stocks and bonds). The relevant information follows: PARTY GIVES RECEIVES Jones FMV Adj. Basis Machine $100,000 $70,000 * Land $40,000 $20,000 (1) 25 shares of stock Building $65,000 $45,000 ** (2) $20,000 * Acquired for $85,000; s.l. depreciation taken ** Acquired for $70,000; s.l. dep. Taken; liab. Of $60,000 assumed by Shriver Corp. Able Machine $70,000 $80,000 * (1) 8 shares of stock Building $50,000 $65,000 ** (2) 2 10-year bonds (3) $5,000 * Acquired for $95,000' s.l. depreciation taken ** Acquired for $75,000; s.l. depreciation taken liability of $70,000 is on the property Smith Machine $80,000 $80,000 Automobile $15,000 $10,000 * (1) 23 shares of stock Truck $40,000 $30,000 ** (2) 8 10-year bonds * Acquired for $15,000; s.l. depreciation taken ** Acquired for $40,000; s.l. depreciation taken Counselor Services $10,000 (1) 1 share of stock (2) 2 10-year bonds Determine all tax consequences for Jones, Able, Smith, the counselor, and Shriver Corporation assuming the transfer occurred in 2012. Also assume that Jones, Able, and Smith are unrelated parties