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lal aie the tax consequences to Tom? 55. Olivia and Tatiana form Jen Co. in 2017. Olivia contributed services worth $24,000 and property worth $1,000

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lal aie the tax consequences to Tom? 55. Olivia and Tatiana form Jen Co. in 2017. Olivia contributed services worth $24,000 and property worth $1,000 and Tatiana contributed property worth $25,000 Each received 25 shares of Jen Co. Is the transaction nontaxable under Code Sec. 3512

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