Problem # ! Mark, Gail and Jain form X corporation with the following consideration: Consideration Transferred Basis to FMV Number of Shares Transferor Received From Mark Cash 40,000 40,000 Installment Obligation 140,000 360,000 40 From Gail Cash 140,000 140,000 Equipment 120,000 180,000 Patent 4,000 280,000 60 From Jain 10,000 Services Calculate Realized and recognized gain/loss, basis to each shareholder and basis to corporation for the