Emmon and Darcy are equal owners of Golf Instruction Academy (GIF). The business has been profitable, and

Question:

Emmon and Darcy are equal owners of Golf Instruction Academy (GIF). The business has been profitable, and they would like to expand their operations. Tiger owns Power Golf. Emmon and Darcy will make Tiger an equal owner of GIF (i.e., each will have a 1/3 interest) in exchange for Tiger's business assets. Tiger's business assets are worth $100,000 and have an adjusted basis of $70,000. What are the tax effects of Tiger's exchange of assets for the ownership interest if GIF is organized as
a. A partnership?
b. A corporation?