Taxation: Section 351

Section 351 Problem Give the tax affects to both the shareholder and corporation, including any gains/losses and the basis of both the shareholders in their stock and the corporation in the assets. Shareholder gave a printing press FMV $50,000, basis $30,000, plus copyrights FMV $60,000, basis 30,000 for 20% ownership/shares plus $10,000 in cash