Tell me what a C Corporation is and how it is taxed and then proceed with addressing the discussion question

1. Tell me what a C Corporation is and how it is taxed and then proceed with addressing the discussion question.

2. Please discuss Code Section 351.

3.Chris contributes to the corporation property with the basis to him of $30,000 and a fair market value at the time of the contribution of $48,000 in exchange for 900 shares of $10 par stop one year later how it was not related to Chris transfers property with the basis of $4000 and fair market value of $900 for 100 shares of $10 par value stock what is the recognized gain or loss to Chris and Hal?

4.  We are discussing C Corporations and two ways in which they may raise capital…debt and equity. Please define each one and discuss the pro’s and con’s of each as to the issue of raising capital.
5.  What are the benefits of Sec. 1244 stock?
6. J and G are married, file joint return. J is sole shareholder of 1244 corp. He got the stock 2 years ago when he incorporated his sole proprietorship. The only assets transferred were $30000 cash and equipment (basis 28000, value 24000) with a current basis of zero. The corp is now bankrupt with liabilities exceeding assets.  If the stock is worthless, what are the tax consequences to J? Id J’s filing status relevant?