Three individuals form Skylark Corporation with the following contributions: Cliff, cash of $50,000 for 50 shares; Brad, land worth $20,000 (basis of $11,000) for 20 shares; and Ron, cattle worth $9,000 (basis of $6,000) for 9 shares and services worth $21,000 for 21 shares.

A. Ron’s basis in his stock is $6,000
B. Brad’s basis in his stock is $20,000
C. Ron’s basis in his stock is $27,000
D. These transfers are fully taxable and not subject to § 351.
E. Ron has income on the transaction of $20,000.

The answer should be b.

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