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Sam and Devon agree to go into business together selling college-licensed clothing. According to the agreement, Sam will contribute inventory valued at $100,000 in return for 80 percent of the stock in the corporation. Sam's tax basis in the inventory is $60,000. Devon will receive 20 percent of the stock in return for providing accounting services to the corporation (these qualify as organizational expenditures). The accounting services are valued at $25,000.a. What amount of income gain or loss does Sam realize on the formation of the corporation? What amount, if any, does he recognize?b. What is Sam's tax basis in the stock he receives in return for his contribution of property to the corporation?c. What amount of income, gain, or loss does Devon realize on the formation of the corporation? What amount, if any, does he recognize?d. What is Devon's tax basis in the stock he receives in return for his contribution of services to the corporation?*Assume Devon received 25 percent of the stock in the corporation in return for his services. (e-h)e. What amount of gain or loss does Sam recognize on the formation of the corporation?f. What is Sam's tax basis in the stock he receives in return for his contribution of property to the corporation?g. What amount of income, gain, or loss does Devon recognize on the formation of the corporation?h. What is Devon's tax basis in the stock he receives in return for his contribution of services to the corporation?

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Carole, Karmen, and Charles formed ABC Corporation. Carole received 60 percent of the stock in ABC Corporation in exchange for appreciated property, Karmen received 30 percent of the stock in ABC Corporation in exchange for legal services, and Charles received 10 percent of the stock in ABC Corporation in exchange for cash.a. Must Carole recognize the gain she realized on her transfer of the appreciated property?b. Suppose that, instead of receiving the entire 30 percent of the ABC Corporation stock in exchange for legal services, Karmen received 10 percent of the ABC Corporation stock in exchange for her legal services and she received 20 percent of the ABC Corporation stock in exchange for cash (i.e., she transferred both services and property to ABC Corporation). Must Carole recognize gain on her transfer of appreciated property?

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