Problem #1 Eric forms a new corporation by transferring the following in exchange for stock: Received 100 shs $ $ Description Eric Equipment Land Building Adj. Basis 100,000 200,000 150,000 FMV 90,000 230,000 100,000 Total $ 450,000 $ 420,000 Assuming the transaction qualifies under IRC S 351, answer the following: a. What are the tax consequences to Eric? b. What are the tax consequences to the corporation? c. How does this change if Eric and the corporation make the IRC S 362(e) election