Question 1 200 pts Patty and Yvette form a new corporation with the following contributions: Description Adj Basis FMV Received Notes Patty $ Accts. Receivable $ 40.000 50 shares (1) Inventory 90,000 130,000 Land 60,000 50,000 Yvette Building 270.000 50 shares (2) 240.000 Total $ 420,000 $ 460,000 (1) In addition to stock, Patty also receives a $40,000 Note from the corporation. Patty bought the land 8 years ago. (2) The building is encumbered by a $60,000 mortgage which the corporation assumes. Yvette purchased the building 15 years ago. Provide the following information in a single document uploaded to Canvas. Clearly label the questions in your submission. a. What is the value of 100% of the corporate stock after this transaction? What is the value of cach share of stock after this transaction? b. What is Yvette's realized gain, recognized gain, basis in the Sock received, and holding period of the stock received? c. What is Patty's realized gain, recognized gain, basis in the stock received, and holding period of the stock received? d. What is the basis and holding period for each asset held by the corporation? e. If Yvette and the corporation make the IRC $ 362 el election, what are the tax consequences to Yvette? What are the tax consequences to the corporation? Be thorough in your answer! Question 1 200 pts Patty and Yvette form a new corporation with the following contributions: Description Adj Basis FMV Received Notes Patty $ Accts. Receivable $ 40.000 50 shares (1) Inventory 90,000 130,000 Land 60,000 50,000 Yvette Building 270.000 50 shares (2) 240.000 Total $ 420,000 $ 460,000 (1) In addition to stock, Patty also receives a $40,000 Note from the corporation. Patty bought the land 8 years ago. (2) The building is encumbered by a $60,000 mortgage which the corporation assumes. Yvette purchased the building 15 years ago. Provide the following information in a single document uploaded to Canvas. Clearly label the questions in your submission. a. What is the value of 100% of the corporate stock after this transaction? What is the value of cach share of stock after this transaction? b. What is Yvette's realized gain, recognized gain, basis in the Sock received, and holding period of the stock received? c. What is Patty's realized gain, recognized gain, basis in the stock received, and holding period of the stock received? d. What is the basis and holding period for each asset held by the corporation? e. If Yvette and the corporation make the IRC $ 362 el election, what are the tax consequences to Yvette? What are the tax consequences to the corporation? Be thorough in your