Question: Jess contributed a building ( FMV 250000, adjusted tax basis 300000in return for 200 shares of blue, Inc and 50000 cash. The transfers qualify under

Jess contributed a building ( FMV 250000, adjusted tax basis 300000）in return for 200 shares of blue, Inc and 50000 cash. The transfers qualify under § 351.

JESS receipt of boot would not trigger the recognition of a loss because receiving boot can only trigger gain recognition. This rule means that a shareholder can never recognize a loss if § 351 applies to a transaction (recognition of loss never occurs in a § 351 transaction on the receipt of boot)

Required

How much realize gain/loss

How much gain or loss is recognized?

What basis of the stock was received?

What is the basis of property to the corporation?

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