3.) Assume the same facts as in #2 above except that Lionel contributed land, held for investment, worth $60,000 (basis $10,000), that he originally purchased on 4/12/2018, rather than services, in exchange for 30% of the stock and $30,000 cash.

a. Is this a Section 351 qualified transaction?

b. How much, if any, gain (loss) must Binita recognize?

c. How much, if any, gain (loss) must Lionel recognize?

d. What is Binitas basis in her stock and on what date does her holding period start for her 70 shares of stock?

e. What is Lionels basis in his stock and on what date does his holding period start for his 30 shares of stock?

f. What is the corporations basis in the land contributed by Lionel?