11), 12), 13) & 14): Assume a transfer under IRC Section 351. Andy transfers property with a FMV of $70,000 and adjusted basis of $30,000 to a controlled corporation in exchange for stock: $65,000 and cash and other property: $5,000.

11) The amount of boot received by the shareholder is a $5,000 b $15,000 c $20,000 d $30,000

12) The gain recognized by the shareholder is a $5,000 b $15,000 c $20,000 d $30,000

13) The shareholder's basis in the stock received is a $5,000 b $15,000 c $20,000 d $30,000

14) The corporation's basis in the asset received is a $20,000 b $30,000 c $35,000 d $55,000