Seth, Pete, Cara, and Jen form Kingfisher Corporation with the following consideration: Consideration Transferred From Seth- Inventory From Pete- Equipment ($30,000 of Basis to Transferor Fair Market Number of Shares Value Issued $30,000 $96,000 30* depreciation taken by Pete 45,000 99,000 30** in prior years) From Cara- Proprietary process 15,000 90,000 30 From Jen- Cash 30,000 30,000 40 10 *Seth receives $6,000 in cash in addition to the 30 shares. **Pete receives $9,000 in cash in addition to the 30 shares. The value of each share of Kingfisher stock is $3,000.