Please advise. It is a corporate tax question. Thank you.

Corporate Tax Prof. Beller Discussion Problem No. 2 Bob Adams owns three rental properties. His brother, Bill, owns a parcel of undeveloped land. The basis and fair market value of the rental properties are as follows: RP 1 RP 2 RP 3 Basis Fmv $200,000 250,000 300,000 $300,000 150,000 550,000 Bill's land has a basis of $300,000 and a value of $500,000. None of the properties is encumbered by debt. Bob transfers the rental properties to a newly formed corporation (\"Newco\") in exchange for 100 shares of Newco voting common stock. On the same day, Bill transfers his land to Newco in exchange for 100 shares of Newco non-voting common stock. Apart from voting rights, the two classes of common stock are identical. (1) Do Bob or Bill recognize any gain or loss on their respective transfers to Newco? (2) What basis do Bob and Bill have in their Newco voting and non-voting stock? (3) What if Bill's transfer occurs 30 days after Bob's transfer? 90 days? 12 months? (4) Assume that Bill also transfers $100,000 cash to Newco, and that, in addition to the voting common shares, Newco distributes $50,000 cash and issues a 5-year $150,000 promissory note to Bob. 16300650.2 (a) How do these changes affect your answers to (1) and (2), above? (b) What is Newco's basis in each of the transferred properties