Jerry transfers property with a $28,000 adjusted basis and a $50,000 FMV to Texas Corporation for 75

Question:

Jerry transfers property with a $28,000 adjusted basis and a $50,000 FMV to Texas for 75 shares of Texas stock. Frank, Jerry’s father, transfers property with a $32,000 adjusted basis and a $50,000 FMV to Texas for the remaining 25 shares of Texas stock.
a. What is the amount of each transferor’s recognized gain or loss?
b. What is Jerry’s basis in his Texas stock?
c. What is Frank’s basis in his Texas stock?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...