24 A A Aa AEE E ADAS AaBbCcD AaBbcend AaBbceDd AaBbc Heading 3 I Normal 1 No Spac... Heading 1 Paragraph Styles II ENTITY FORMATIONS JL Company was organized on January 1 with the following contributions from its two owners Property Contributed Owner Basis ownership Other information received $100,000 125.000 50% JL Co assumes a $150,000 recourse (Ctrl) - Assume I is organized as a partnership Determine the following tax consequences: Show your computations if you wish to receive partial credit Owner Cain (Loss) Recognized Basis in ownership What is il Company's basis in the properties contributed by Clark & Bruce? Bruce's asset: Focus