Jay owns 80% of Crystal Corporation stock. He transfers a business automobile to Crystal in exchange for additional Crystal stock worth $12,000 and Crystal's assumption of both his $2,500 automobile debt and his $5,500 education loan. The automobile originally cost Jay $22,000 and, on the transfer date, has a $10,500 adjusted basis and a $20,000 FMV. Read the requirements. Requirement a. What are the amount and character of Jay's recognized gain or loss? Jay realizes a C D and recognizes a D O This is treated as Requirement b. What is Jay's basis in his additional Crystal shares? Jay's basis in the stock is Requirement c. When does Jay's holding period for the additional shares begin? Jay's holding period for the additional shares Requirement d. What basis does Crystal take in the automobile