Formation of Corporation with Transfer of Property from Several Shareholders at Different Times (LO. 1, 7)Jane, Jon, and Clyde incorporate their respective businesses and form Starling Corporation. On March 1 of the current year, Jane exchanges her property (basis of $50,000 and fair market value of $150,000) for 150 shares in Starling Corporation. On April 15, Jon exchanges his property (basis of $70,000 and fair market value of $500,000) for 500 shares in Starling. On May 10, Clyde transfers his property (basis of $90,000 and fair market value of $350,000) for 350 shares in Starling. a. If the three exchanges are part of a pre-arranged plan, who will recognize a gain on the exchanges?SelectOnly ClydeOnly JaneAll of the partiesNone of the partiesCorrect 1 of Item 1.b. Now assume that Jane and Jon exchanged their property for stock four years ago, while Clyde transfers his property for 350 shares in the current year. Clyde's transfer is not part of a pre-arranged plan with Jane and Jon to incorporate their businesses. Clyde will recognize a gain of $ on the transfer. c. Returning to the original facts, assume the property that Clyde contributes has a basis of $490,000 (instead of $90,000). Why would it be better from a tax perspective for Clyde to wait to transfer his property rather than be a part of Jane's and Jon's transfers?