On March 1 of the current year, Alice, Bob, Carla, and Dick form Bear Corporation and transfer the following items: Property Transferred 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 Equipment 25,000 40,000 300 Carla Van 15,000 10,000 50 Dick Accounting services -- 10,000 100 Alice purchased the land and building several ycars ago for $12,000 and $50,000, respec- tively. Alice has claimed straight-line depreciation on the building. Bob also receives a Bear note for $10,000 due in three years. The note bears interest at the prevailing market rate. Bob purchased the equipment three years ago for $50,000. Carla also receives $5,000 cash. Carla purchased the van two years ago for $20,000. a. Does the transaction satisfy the requirements of Sec. 351? b. What are the amount and character of the gains or losses recognized by Alice, Bob, Carla, Dick, and Bear? c. What is each shareholder's basis in his or her Bear stock? When does the holding period for the stock begin? d. What is Bear's basis in its property and services? When does the holding period for each property begin