Mick, Keith, Charlie, and Ronnie formed a corporation on February 1, 2024. Mick contributed furniture with a fair market value (FMV) of $150,000 with an adjusted basis of $120,000 for 25 percent of the stock in the corporation. Keith contributed computer equipment with a FMV of $170,000 with an adjusted basis of $1850,000 for 25 percent of the stock in the corporation. In addition, he received $20,000 worth of furniture from the corporation. Charlie contributed an office building with a FMV of $350,000 with a basis of $195,000 for 25 percent of the stock in the corporation. The building has a mortgage of $200,000 that was also transferred to the corporation. Ronnie contributed engineering design services with a FMV of $136,000 and inventory with a FMV of $14,000 with an adjusted basis of $10,000 for 25 percent of the stock in the corporation. Your clients have requested that you inform them if their contributions qualify for 351 treatment and to provide information as to any tax impacts in the year of the contribution. Assignment Write the body of a letter in short professional paragraphs (letter format is not necessary) clearly explaining to the clients (Mick, Keith