(5) Jones transfers contributed three properties, A, B and C, to Newco and that the FMV of each was $160,000, 55,000 and $35,000, respectively and the adjusted basis of each property was $140,000, $90,000 and $80,000, respectively. What are the tax consequences to Jones and Newco? (5) Jones transfers contributed three properties, A, B and C, to Newco and that the FMV of each was $160,000, 55,000 and $35,000, respectively and the adjusted basis of each property was $140,000, $90,000 and $80,000, respectively. What are the tax consequences to Jones and Newco