On January $1,2024,$ Reed, Susan, John, and Benjamin formed the Baxter Corporation. Reed received $180$ shares of Baxter Corporation stock in exchange for land worth $$405,000.$ The land was subject to a $$135,000$ mortgage loan, which the corporation assumed. Reed$$s basis in the land was $$105,000.$

Susan received $100$ shares of Baxter stock in exchange for inventory valued at $$150,000$ with a basis of $$120,000.$ John received $80$ shares of stock and a $$30,000$ promissory note from the corporation in exchange for equipment worth $$150,000$ with a basis of $$60,000.$ Benjamin received $40$ shares of stock in exchange for cash of $$15,000$ and legal services worth $$45,000.$ Benjamin provided the first $$17,000$ worth of legal services for the formation of the corporation. The corporation incurred no other costs related to its formation. The other $$28,000$ worth of services provided by Benjamin was for normal business operations. The corporation began business on January $1,2024.$ m$.$ Determine Baxter Corporation$$s basis in the equipment received.

n$.$ How much income is recognized by Benjamin on the transfer?

o$.$ Compute the basis in the $40$ shares of Baxter Corporation received by Benjamin.

p$.$ How much can Baxter Corporation deduct in $2024$ for the legal services provided by Benjamin?