Assume that Clark, Eric and Emily form another entity, DNA Solutions Inc. that will operate as a partnership. Emily contributes $50,000 in cash for her 10% interest in the entity, Eric contributes land with an adjusted basis of $50,000 and a FMV of $200,000 and cash of $25,000 for his 45% interest and Clark contributes equipment with an adjusted basis of $100,000 and a FMV of $200,000 and cash of $25,000 for his 45% interest. DNA Solutions also borrowed a $200,000 of recourse loan from a bank to finance their initial operations. Assuming that each partner's interest represents the partner's interest in profits and losses, what are Emily, Eric and Clark's basis in DNA Solutions Inc.? How would your answer change if Clark is entitled to seek reimbursement from Eric to the extent his losses exceed $5,000? How would your answer to the previous question change if Eric holds his interest through his (a) wholly owned corporation that has only nominal assets; or (b) through a wholly owned LLC that also has only nominal assets?