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QUESTION 1 Alley, Bob, and Cain form ABC Corporation by transferring the following: From = Transferor Property Transferred Services Transferred Stock Received Alley Equipment $40,000

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QUESTION 1 Alley, Bob, and Cain form ABC Corporation by transferring the following: From = Transferor Property Transferred Services Transferred Stock Received Alley Equipment $40,000 $40,000 Bob Land $38,000 $0 $38,000 Cain $0 $22,000 $22,000 Would the above transfer qualify A and B for nonrecognition of gain or loss under Code Sec. 351? Why

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