Question 6.6.(TCO C) Krissy Kraus and Manny Martin form K&M Corp. Krissy transfers land with an adjusted basis of $12,000 for stock worth $15,000 and $5,000 cash. Manny transfers a backhoe with an adjusted basis of $30,000 for stock worth $11,000 and $7,000 cash. What is Krissy's realized gain/loss? Will she recognize any of that gain/loss? What is Manny's realized gain/loss? Will he recognize any of that loss?(Points : 15)

Question 7.

7.(TCO F) Billy Barker, a married taxpayer, has basis in IRC 1244 stock of $120,000. Billy sells the stock for $50,000. What is his gain or loss? How much is ordinary? How much is capital?(Points : 20)