Spring is here!! Violet and Daily decide to join forces and start a nursery and landscaping business. They form a corporation under New York State Law and call it Flowers Galore, Inc. (FG). Each will own 100 shares (50%) of the stock of FG. They do not make an Selection. Violet contributes $100,000 in cash to FG in exchange for 100 shares of FG. Daisy contributes inventory and equipment with a fair market value of $170,000 and a tax basis of $50,000 to FG in exchange for 100 shares of FG. The equipment was originally purchased for cash and a loan of $70,000 that is still outstanding. FG will assume this loan. FG officially began business on January 1. On that date, FG borrowed $60,000 to purchase inventory and supplies. How much gain or loss does Daisy realize on this transaction? How much gain or loss does Daisy recognize on this transaction? What is Daisy's tax basis in her FG stock? Spring is here!! Violet and Daily decide to join forces and start a nursery and landscaping business. They form a corporation under New York State Law and call it Flowers Galore, Inc. (FG). Each will own 100 shares (50%) of the stock of FG. They do not make an Selection. Violet contributes $100,000 in cash to FG in exchange for 100 shares of FG. Daisy contributes inventory and equipment with a fair market value of $170,000 and a tax basis of $50,000 to FG in exchange for 100 shares of FG. The equipment was originally purchased for cash and a loan of $70,000 that is still outstanding. FG will assume this loan. FG officially began business on January 1. On that date, FG borrowed $60,000 to purchase inventory and supplies. How much gain or loss does Daisy realize on this transaction? How much gain or loss does Daisy recognize on this transaction? What is Daisy's tax basis in her FG stock