7. Saul, Dave Sam and Nat form L Corp. by contributing the following: (30 points) Fair Market Value Adjusted Basis $120,000 $ 90,000 Saul Cash Inventory Dave: Land and Building $190,000 Mortgage (assumed by F Corp) ($200,000) Note Payable ( $20,000) $320,000 Sam: Machinery Nat: Services Cash $120,000 $130,000 $470,000 ( $200,000) ($20,000) $290,000 $180,000 $ 70,000 $ 70,000 In exchange for the assets contributed, each shareholder who gave net assets with a fair market value of $250,000 receives 250 shares of L's common stock and Sam (who gave assets with a $290,000 fair market value receives 250 shares plus $40,000 cash. a. Determine the amount, if any, of gain or loss realized and recognized by each shareholder. b. Determine each of the shareholder's adjusted basis in the L Corp stock. c. Determine L Corp's basis in each of the assets contributed by its shareholders. d. How, if at all, would your answers to a-c change if Nat instead gave services worth $240,000 and $10,000 of cash