28. Oscar and Frank form an equa enk form an equal partnership, the O and F Partnership. Oscar contributes land with an adjusted basis of 000 subiect to a mortgage of $100,000, in exchange for a partnership interest worth $250,000. Frank contribute ash of $100.000 and performs services for the partnership in exchange for a partnership interest worth $250.000 What is the amount of Oscar's recognized gain or loss (if any) as a result of the contri uit of the contribution to the partnership in exchange for the partnership interest? b. What is Oscar's basis in his partnership interest immediately after the contribution? c. What is the amount of Frank's recognized income or loss (if any) as a result of the receipt of the partnership interest in exchange for the cash and services? 29. Lyanna is forming a business entity with her friends, Sansa and Robb. Lyanna has very low income, so she and her friends have decided that if the business gets any capital gain or dividend income, it should flow to her. Sansa has very high income, so she would like to receive a large percentage of tax-exempt interest income should the business generate any. What entity type would be best for them & why? 30. Robb is a shareholder in an Scorporation that currently has 100 shareholders. They need to get a contribution of additional assets to secure a loan to continue their operations. Robb's Uncle Ben offers to contribute a castle and land worth $100,000 to the S Corp in exchange for 1% of the stock. The shares are valued at $100,000. Robb is concemed they will lose their S Corp election if he takes his uncle's offer, because the S Corp would have more than 100 shareholders. What are the tax consequences to Robb and Ben if they go through with this transaction