Problem #1 Mark and Jain form X corporation with the following consideration: Consideration Transferred Basis to FMV Number of Shares Transferor Received From Mark Cash Installment Obligation 20,000 140,000 20,000 180,000 20 From Jain Services 20,000 Calculate Realized and recognized gain/loss, basis to each shareholder. Also calculate basis to X corporation for Installment Obligation