10 points Doris and Lynn formed a DL LLC, an corporation Doris owned 30% of the ownership and Lynn owned the rest 70%. When forming the company Doris contributed cash $20,000 and a lot of land (fair market value 560,000, mortgage $20,000, and her basis on the land $30,000) to the company During the first year, DL LLC had a net ordinary profit of 58,000. Also, the company received ordinary dividends of $2,000 DL LLC distributed cash $4,000 to Doris in December Instructions 1 What was Doris's initial tax basis when forming the 5 corporation? 2. Did Doris recognize any gain or loss when forming the company? 3. What were Doris's taxable income associated with her investment in DL LLC in the first year? If the nature of the incomes are different, you should state them separately 4. What was Doris's tax basis at the end of the first year? 10 points Doris and Lynn formed a DL LLC, an corporation Doris owned 30% of the ownership and Lynn owned the rest 70%. When forming the company Doris contributed cash $20,000 and a lot of land (fair market value 560,000, mortgage $20,000, and her basis on the land $30,000) to the company During the first year, DL LLC had a net ordinary profit of 58,000. Also, the company received ordinary dividends of $2,000 DL LLC distributed cash $4,000 to Doris in December Instructions 1 What was Doris's initial tax basis when forming the 5 corporation? 2. Did Doris recognize any gain or loss when forming the company? 3. What were Doris's taxable income associated with her investment in DL LLC in the first year? If the nature of the incomes are different, you should state them separately 4. What was Doris's tax basis at the end of the first year