26, Agnes, Becky, and Carol form a business entity with each contributing the following: Agnes: cash $100,000(adjusted basis), Fair market value ($100,000) Becky: Land 60,000(Adjusted Basis), $120,000 (fair market value) Carol: Services 50,000 (fair market value) Their ownership percentages will be as follows. Agnes 40% Becky 40% Carol 20% Becky's land has a $20,000 mortgage that is assumed by the entity. Carol is an attorney who receives her ownerhship interest in exchange for legal services. Determine the recognized gain to teh owners, teh basis for their ownership interests, and the entity's basis for its assets if teh entity is organized as : a. A partnership. b. A C corporation. c. An S corporation