PROBLEMS A, B, C, D, E and F formed X Co on 9/12/X7 The chart below details the contributions made by each shareholder and the X Costock, cash and/or property they recerved. Assume that all property contributed was capital asset when owned by the shareholder and a Section 1231 asset when owned by the corporation Determine with regard to the contributions (1) if the requirements of $351 are satisfied: (2) each shareholder's realized and recognized yam of loss and basis in the stock and/or property received. (3) B' holding period for the X Co stock: (1) X Co.'s recognized amo loss and/or expense deduction and bass in the property received and ) X Co.holding penod in the property received from B Shareholder XCO Basis SH Contribution Recenes Realized Gain or Loss or come Recognized Gain or Loss ancome in stock property Recognized Basis in or (losslese property $70,000 and services worth $20,000 X co Stock S90,000+ X 69. Stock $75.000 Property: FMV $80,000 $10,000+ Mortgage $ 5,000 Basis Holding period began on 2/17/X2 t t Shareholder X Co. S/H Contribution Receives Realized Gain or Loss or income Recognized Basis Gain or Loss in stock/ or income property Recognized Basis gain or in (loss) exp. property t Property FMV $20,000 Basis $5,000 Xco. Stock $8,000 Cash: $12,000 Depreciation recapture: $4,000 ttttt D Property FMV $90,000 Basis $30,000 Mortgage $50,000 Xco Stock: $30,000 Property FMV $10,000 Basis $12,000 tttttt Property: FMV $10,000 Basis $13,000 Xco. Stock. $4,000 Cash: $6,000- I t tttt I Property: FMV $58,000 Basis $58,000 Mortgage $9,000 Xco. Stock: $40,000 Cash: $9,000