Question: Please please answer correct, it very important question for me, Answer with showing working clearly, JFK and Abraham Lincoln form Convertible Co. JFK transfers land

JFK and Abraham Lincoln form Convertible Co. JFK transfers land with a

Please please answer correct, it very important question for me,

Answer with showing working clearly,

JFK and Abraham Lincoln form Convertible Co. JFK transfers land with a basis of S65 and a FMV of S220 for S55 cash and 60% of the stock in Covertible Co. (stock valued at S120). The land is subject to a mortgage of S45, which is also transferred to Convertible Co. Abraham Lincoln transfers property (with a basis of S8 and a fmv of $20) and agrees to serve as the CEO of convertible co. for one year for the other 40% of the stock (stock valued at $80). What is JFK's recognized gain, and stock basis? What is Abraham Lincoln's recognized gain, and stock basis?

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