Problem 5 (3 points): Jed and Mya form MY Corp. Jed transfers equipment (FMV $100,000; Basis $60,000; Subject to Debt of $50,000 ) in exchange for 50% of the corporation's stock. The debt was incurred for valid business purposes. Mya transfers a small parcel of land (FMV $50,000; Basis $100,000 ) in exchange for 50% of the corporation's stock. a. What are the tax consequences to Jed and Mya on the transfer? b. What is the basis of the contributed property to MY Corp