On March 1 of the current year, Alice, Bob, Carla, and Dick form Bear Corporation and transfer the following items:

rate is 39.6%, and Develop er S Property Transferred marginal tax rate is 34%. Number of Basis to Common Transferor Asset Transferor FMV Shares Issued Alice Land $12,000 $30,000 Building 38,000 70,000 400 Mortgage on the land and building 60,000 60,000 Bob Carla Equipment 25,000 40,000 300 Van 15,000 10,000 50 Dick Accounting services -0- 10,000 100