w 5. Section 351 Multiple Assets Transfer - Exercise Xercise Zhang transfers three assets to newly formed West Corporation in a transaction qualifying u Section 351 Property transferred: Asset #1 Basis $40,000 FMV $30,000 Asset #2 Basis $15,000 FMV $40,000 Asset #3 Basis $27,000 FMV $10,000 Consideration received: West Corporation Stock $20,000 and cash $60,000 Compute Zhang's gain and basis in each of the properties