Taxpayer A Transfers Land $$ Adj Basis $$20,000$

$-$FMV $$100,000$

In Exchange for: $100\%$ of New Corp Stock $($NC$)$ Plus

$-$ $ $20,000$ Cash

$-$ $ $20,000$ Other Property

a$)$ What is the amount of income recognized by A if any? $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$($b$)$ What is the Code Section for $2($a$)$

$3.$ What is the Basis in A$$s New Corp Stock received $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$4.$ What is the New Corp$$s basis in the Land $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$5.($a$)$ What is the Code Section for #$3\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$($b$)$ What is the Code Section for #$4$