A U.S. individual investor held a real estate asset (a parcel of land) that that was purchased for $10,000,000, then held for 10 years. Now, the individual will sell it for $30,000,000. a) Compute the tax on the sale if the land is held directly by the investor b) Compute the tax on the sale to the investor if land is held in a corporation (consider both entity tax and tax on the distributions) c) Compute the tax on the sale to the investor if the land is held in a REIT (assume that the REIT met requirements for REIT status in all years and consider both entity tax and tax on distributions) Johnson Inc. and C&K Company entered into an exchange of real property. Here is the information for the properties to be exchanged. Johnson C&K FMV $900,000 $675,000 Adjusted tax basis 593,000 462,000 Mortgage 200,000 -0- Pursuant to the exchange, C&K paid $25,000 cash to Johnson and assumed the mortgage on the Johnson property. Compute Johnson's gain recognized on the exchange and its tax basis in the property received from C&K