4) Paco, Tony, and Chen form BlackAcre Corporation with the following consideration. (20 points) Adj. Basis FMV From Paco Cash $120,000 $120,000 Inventory 90,000 130,000 From Tony- Land and building 120,000 250,000 From Chen Legal and accounting services to incorporate -0- 50,000 BlackAcre issues its 500 shares of stock as follows: 250 to Paco, 200 to Tony, and 50 to Chen. In addition, Tony gets $50,000 in cash. BlackAcre issues its 500 shares of stock as follows: 250 to Paco, 200 to Tony, and 50 to Chen. In addition, Tony gets $50,000 in cash. a. Does Paco, Tony, or Chen recognize gain (or income)? b. What basis does Tony have in the BlackAcre stock? Calculate BlackAcre Corporation's basis in the: (1) inventory, (2) the land C. and building. d. What basis does Chen have in the BlackAcre stock