Sec. 351 Requirements. Al, Bob, and Carl form West Corporation and transfer the follow-ing items to West: Item Transferred Transferor Al Bob Carl Item Patent Cash Services Transferors Basis FMV $25,000 25,000 0Shares Received by Transferor 0$25,000 1,000 common 250 preferred 7,500 300 common The common stock has voting rights. The preferred stock does not. a. Is the exchange nontaxable under Sec. 351? Explain the tax consequences of the exchange to Al, Bob, Carl, and West b. How would your answer to Part a change if Bob instead had received 200 shares of common stock and 200 shares of preferred stock? c. How would your answer to Part a change if Carl instead had contributed $800 cash as well as services worth $6,700