This assignment should be handwritten in complete sentences. Please bring it to class ready to discuss and turn in March 7,2023. All of this information can be found in your textbook. However, your answers should be your own and copied from the chapter. 1. Describe the contribution process for creating a corporation. How is stock allocated to shareholders? 2. When a shareholder receives stock in return for property, what is the basis of the new stock? What is the FMV of the new stock? Why is it important to know the basis of stock? 3. What does it mean to defer gain when exchanging stock for property? 4. What code section provides the rules to defer gain when exchanging stock for property? 5. Why would shareholders want to defer gain