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Olivia and Tatiana form Jen Co. in 2018. Olivia contributed services worth $24,000 and property worth $1,000 and Tatiana contributed property worth $25,000. Each received

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Olivia and Tatiana form Jen Co. in 2018. 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. 351? 49. 50. Assume the same facts in 55 except Olivia received 40 shares and the fair market value of the property she contributed was $16,000. Is the transaction nontaxable under Code Sec. 351

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