Question: 1. Cristian and Ellen from CE Corporation. Cristian contributes land worth $250,000 (basis of $140,000). Ellen contributes equipment worth $150,000 (basis of $65,000) and services

1. Cristian and Ellen from CE Corporation. Cristian contributes land worth $250,000 (basis of $140,000). Ellen contributes equipment worth $150,000 (basis of $65,000) and services worth $100,000. Each receives 50% of the stock of the newly formed corporation.

d. How much is Ellen's realized and recognized gain/loss, including the character of any recognized amounts?

e. What is Ellen's Basis in her stock?

f. What is CE Corporation's basis in the equipment?

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