Name: Please write your answers in the space provided after each question. You may type or handwrite your answer. Also, show your work. Each question is worth 4 points. 1. In a Section 351 transaction, Alex transfers property to his corporation. His basis in the property was $20,000 and he received $46,000 in stock and $4.000 in cash (boot). (a) How much gain will he recognize? (b) In Question 15, above, what will Alex's basis be in his stock? What basis will the corporation have in the property? 2. In a Section 351 transaction, Ed transfers property to his corporation. His basis in the property was $9,000 and he received $7,000 in stock and $3,000 in cash (boot). How much gain will he recognize? (b) What is Ed's basis in the stock he received? (c) What is the corporation's basis in the property received from Ed? 3. In a Section 351 exchange, Max transfers property to his corporation worth $30,000. His basis in it was $8,000, and it was subject to $11,000 of debt. In exchange he received $19,000 of stock in the corporation. How much gain, if any, will Max recognize on the exchange