2-32 Corporate Formation--Boot. This year, E, H, and K decided to organize EHK, Inc.
The received stock in exchange for the following asset contributions to the
corporation:
			Transferor's	Shares
Transferor	Contributed	FMV	AB	Received
E	Land	70,000	68,000	35
H	Patent	70,000	15,000	35
K	Equipment	60,000	80,000	30
Compute (1) each transferor's recognized gain or loss, (2) each transferor's basis in
the stock, and (3) EHK's basis in the assets for each for the following situations.
a. All three exchanges were made simultaneously.
b. All three exchanges were made simultaneously and each SH received a
4-year note from EHK for $10,000 in lieu of 5 shares of stock. Equal note
payments are to be made plus 10% interest each December 31.
d. K's exchange occurred by an agreement made 2 years after the exchanges by E and H.