2. Steel Co., a publicly traded Delaware corporation, and Iron Ore Inc., a closely held New York corporation, enter into a joint venture. The joint venture will mine for iron ore on property owned jointly by the two concerns. (a) 50% of the iron ore is shipped to each of the two companies. Each company is then free to do with the ore whatever it wishes. How will the joint venture be treated for tax purposes? (b) Suppose instead that the joint venture sells the ore that it mines to third parties and distributes the profits to the two companies. Would this change your answer to part (a), and if so, how