3. (14 points) Billy and Carl plan to community. Billy owns land that he purchased several years anyol tion $180,000, that he will contribute open a restaurant near a new shopping mall in their a to the bus , illy will tet ness venture. In addition, Billy will transfer cash 90% ownership interest. Carl will contribute S20,000 in cash recipe collection, valued at S 10,000, in exchange for a 10%? management skills, valued at $15,000, to the business in exchanvlopd and his personal, self-developed w mer hip interest. a) Complete the chart below if Billy and Cul organize their business a Ccorporation, as a C and (b) an LLC that is treated as a partnership for tax purposes l 10% of the shares of the If organized as a C corporation, Billy and Carl's ownership interests will be 90 C corporation stock, respectively. If organized as a partnership, ownership interest will be a 90 and 10% profit loss capital sharing agreement, Billy and Carl'ss respectively. (a) C corporation (b) LLC (partnership) Billy's basis in his ownership interest, immediately after ng Carl's basis in his ownership interest, immediately after organizing The business' basis in each asset received (list the basis of each asset separately