Q-5: Jeff contributes land with a tax basis of $100,000 and a fair market value of $150,000 in exchange for $20,000 cash and 50% of the stock of The Tax Museum Corporation. Ed $130,000 in cash for 50% of the stock. How much taxable gain will Jeff recognize at the time of the transaction? a. $20,000 b. $0 c. $50,000 d. $150,000 e. None of the above Q-6: Continuing with the previous problem, what basis does Jeff take in the Tax Museum Corporation stock that he receives? Recall that Jeff contributes land with a tax basis of $100,000 and a fair market value of $150,000 in exchange for $20,000 cash and 50% of the stock of The Tax Museum Corporation. Ed contributes $130,000 in cash for 50% of the stock. a. $100,000 b. $120,000 c. $150,000 d. $0 e. None of the above Q-7: Continuing with the prior question, what basis will The Tax Museum Corporation take in the land contributed by Jeff? Recall that Jeff contributes land with a tax basis of $100,000 and a fair market value of $150,000 in exchange for $20,000 cash and 50% of the stock of The Tax Museum Corporation. Ed contributes $130,000 in cash for 50% of the stock. a. $120,000 b. $100,000 c. $150,000 d. $0 e. None of the above