please answer all questions with work

JL CORPORATE TAX CASE CORPORATE ORGANIZATION Eanta. Required: 1. Use the attached answer sheets to prepare the financial accounting income statement and balance sheet as of the end of year 1 . Understanding and applying Module 4 is essential to respond to this case! 2. Do Jason and Lucy qualify for section 351 treatment? Justify your answer. 3. Describe the important tax consequences to JL, Jason and Lucy. This includes all the important consequences, not just current-year gain or loss! Do not forget to include year-end adjusted bases of assets and any carryovers to year X2. Understanding and applying Module 4 is essential to anwering parts 2 and 3 of this case. 4. What would be the result to Lucy and to J Corporation if she had borrowed the mortgage 2 months before incorporating JL? Do not re-work any other results. You MUST review Module 4 in its entirety before attempting this case !! JL CORPORATE TAX CASE CORPORATE ORGANIZATION Eanta. Required: 1. Use the attached answer sheets to prepare the financial accounting income statement and balance sheet as of the end of year 1 . Understanding and applying Module 4 is essential to respond to this case! 2. Do Jason and Lucy qualify for section 351 treatment? Justify your answer. 3. Describe the important tax consequences to JL, Jason and Lucy. This includes all the important consequences, not just current-year gain or loss! Do not forget to include year-end adjusted bases of assets and any carryovers to year X2. Understanding and applying Module 4 is essential to anwering parts 2 and 3 of this case. 4. What would be the result to Lucy and to J Corporation if she had borrowed the mortgage 2 months before incorporating JL? Do not re-work any other results. You MUST review Module 4 in its entirety before attempting this case