Jekyll and Hyde formed a corporation (Halloween Inc.) on October 31 to develop a drug to address split personalities. Jekyll will contribute a patented formula valued at $200,000 in return for 50 percent of the stock in the corporation. Hyde will contribute an experimental formula worth $120,000 and medical services in exchange for the remaining stock. Jekylls tax basis in the patented formula is $125,000, whereas Hyde has a basis of $15,000 in his experimental formula. a) Describe the tax consequences of the transaction. b) Prepare the 351 statement that must be included with the return.
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