P Corp transfers land with a basis of $1,000 to X Corp, in exchange for 100% of X Corp's stock.The land was worth $5,000 at transfer.

a.What's the tax result and basis to P and X?

b. What if P only received 1% of X Corp's stock?

c. What if P also received $1,000 cash from X?

d. What if X assumed a $1,000 mortgage on the land?

e. What if X assumed a $2,000 mortgage on the land?

f.What if P received no cash and no liabilities were assumed, but the land was only worth $500 at the date of transfer?