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Let's say George transfered properties A, B , and C to corporation H in a transaction that qualified for IRC S351. In the exchange George

Let's say George transfered properties A, B , and C to corporation H in a transaction that qualified for IRC S351. In the exchange George received on H stock

Property A:

FMV: $10k

AB: $0

Property B:

FMV: $20k

AB: $25k

Property C:

FMV: $10K

AB: $25k

1) What is George's adj basis in the H stock received?

2) What is George's adj basis for Property B?

3) If you received $4k of cash in the exchange (so you are not receiving H stock): What gain/loss would you receive? Also, What basis would H take in Property A?

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