Jordan owns 80% of Ruby Corporation stock. He transfers a business automobile to Ruby in exchange for additional Ruby stock worth $12,000 and Ruby's assumption of both his $3,500 automobile debt and his $1,500 education loan. The automobile originally cost Jordan $22,000 and, on the transfer date, has a $7,500 adjusted basis and a $17,000 FMV Read the requirements. Requirement a. What are the amount and character of Jordan's recognized gain or loss? Jordan realizes a D and recognizes a D D This is treated as C Requirement b. What is Jordan's basis in his additional Ruby shares? Jordan's basis in the stock is Requirement c. When does Jordan's holding period for the additional shares begin? Jordan's holding period for the additional shares Requirement d. What basis does Ruby take in the automobile? Ruby corporation's basis in the automobile is