1.Buck Henry intends to form PAR Corporation by transferring unimproved land held for investment for several years with a basis of $20,000, a fair market value of $90,000, and subject to a recourse debt in the amount of $30,000 that was incurred several years ago for a valid business purpose.In return, Buck will receive all of PAR's stock with a fair market value of $60,000 and PAR will assume the recourse debt.Buck wants to know whether he will have to recognize any gain as a result of his proposed formation of PAR Corporation.If so, he wants you to recommend alternatives that would avoid gain recognition on the incorporation. When a corporation is formed, shareholders may qualify for nonrecognition of gain on the transfer of property in exchange for stock.What Internal Revenue Code section and subsection provides for this nonrecognition of gain?Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields.Choose a title from the list.
IRCTS § ________ · ________ 

 
　　2.A recently issued demographic report indicates that there is a reasonable probability that Lambert's business may be adversely impacted in the future.The company's controller wants to begin accruing a general contingency reserve now for unspecified business contingencies, such as the potential decline in business that may occur in the future.Find authoritative guidance as to whether or not such an accrual is allowed under GAAP. Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields.Type the topic here. Correctly formatted FASB ASC topics are 3 digits.
FASB ASC AU-CPCAOBATARETBLVSCSQCPRTSPFPCPEFASB ASC ________ - ________ - ________ - ________ 
　　Answer:
　　1)irc.351.a
　　2)450.20.25.8