Answer the same questions assuming Sally and Linus form Woodstock as a C Corporation. Sally contributes land with a FMV of $250,000. Sally's basis in the land is $100,000. Linus contributes depreciable assets with a FMV of $240,000 and a basis of $65,000. One of the assets has a $40,000 mortgage that the Partnership assumes. Linus also provides services valued at $50,000.

1.What gain/income/loss does Sally report?

2.What gain/income/loss does Linus report?

3.What gain/income/loss does Woodstock report?

4.What is Sallys basis in her ownership interest after formation?

5.What is Linuss basis in his ownership interest after formation?

6.What basis does Woodstock take in the cash and assets contributed by Sally and Linus?