T Corp (T) has assets with fair market value of $210 and $150 adjusted basis. T also has an account payable of $10. T is wholly owned by Abby (basis $100; value $200). P Corp (P) is an unrelated entity and has a wholly owned subsidiary, Sub Inc. (S). Ps basis in S is $0. P Corp proposes to acquire Ts assets and liabilities under the following alternative transactions. In each case, please determine the tax consequences for each party, unless noted otherwise.

Pursuant to a statutory merger under the local law, T is merged into S with S surviving for the following alternative consideration.

1. In exchange, Abby receives $200 worth of Ps nonvoting preferred stock. Note that before analyzing the tax consequences for each party, think about how the transaction is viewed for tax purposes. From the tax laws perspective, T is considered as having transferred all of its assets to S. P is considered to have transferred $200 worth of its nonvoting preferred stock to S, S then transfers such nonvoting stock to T in exchange for Ts assets. T then transfers the stock of P to Abby and liquidates.
2. Same as Problem 4(a) except that Abby received $100 worth of Ps nonvoting preferred stock and $100 cash provided by P.
3. Same as Problem 4(a) except that Abby received $20 worth of S nonvoting stock and $180 worth of Ps voting stock. Does this transaction qualify for a reorganization under 368 (no need to analyze the tax consequences to each party)?