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Lex contributes property to L Corp, a newly formed corporation, with a fair market value of $80,000 and an adjusted basis of $65,000 in exchange

Lex contributes property to L Corp, a newly formed corporation, with a fair market value of $80,000 and an adjusted basis of $65,000 in exchange for 75 shares of stock in L. As part of the same transaction, Lionel contributes services with a value of $20,000 to L in exchange for 25 shares. What are the tax consequences to Lex and Lionel? SECTION 351 DOES NOT APPLYExplain your

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