please show all work

PROBLEM #1 (50 pts) John, Kim and Mary decide to organize the Design Corporation, a manufacturing business specializing in clothing for the wealthy. The schedule below details what each shareholder will contribute to Design Corporation on 1/1/16. Shareholder Contributed Capital Fair Market Value Cost Basis John Manufacturing plant S275,000 $15,000 Mortgage on plant Cash Land 25,000 357h 300,000 300,000 350,000 225,000 Kim Mary Mortgage on land 230.000 Larry Services 100,000 ease note that Designer Corporation will assume the S25,000 and the S1ou 000 mortgage on John plant and Mary's land. Please note that the proceeds from John's mortgage were used to pay off personal credit card debt. REQUIRED: What are all the tax ramifications to each of the transferors and the corporation? Please do a complete analysis and show all work. PROBLEM #1 (50 pts) John, Kim and Mary decide to organize the Design Corporation, a manufacturing business specializing in clothing for the wealthy. The schedule below details what each shareholder will contribute to Design Corporation on 1/1/16. Shareholder Contributed Capital Fair Market Value Cost Basis John Manufacturing plant S275,000 $15,000 Mortgage on plant Cash Land 25,000 357h 300,000 300,000 350,000 225,000 Kim Mary Mortgage on land 230.000 Larry Services 100,000 ease note that Designer Corporation will assume the S25,000 and the S1ou 000 mortgage on John plant and Mary's land. Please note that the proceeds from John's mortgage were used to pay off personal credit card debt. REQUIRED: What are all the tax ramifications to each of the transferors and the corporation? Please do a complete analysis and show all work