Bob, Larry and Junior started a chili roasting company in 2009 called Chili Tales. Bob contributed $160,000 cash, Larry contributed $80,000 cash, and Junior contributed land in Las Cruces with an adjusted basis of $50,000 and a fair market value of $100,000. The property was subject to a $20,000 liability, which was also transferred into the business. Larry and Junior each own 25% of the entity, and Bob owns 50%. a A.) Calculate each owner's basis assuming they formed an S-Corporation and the transaction meets all of the requirements under Sec. 351. Use a well-labeled calculation. B.) Calculate each owner's basis assuming they formed a General Partnership. Use a well-labeled calculation. a C.) Why are the calculations different? List applicable Code Sections and/or Regulations. Bob, Larry and Junior started a chili roasting company in 2009 called Chili Tales. Bob contributed $160,000 cash, Larry contributed $80,000 cash, and Junior contributed land in Las Cruces with an adjusted basis of $50,000 and a fair market value of $100,000. The property was subject to a $20,000 liability, which was also transferred into the business. Larry and Junior each own 25% of the entity, and Bob owns 50%. a A.) Calculate each owner's basis assuming they formed an S-Corporation and the transaction meets all of the requirements under Sec. 351. Use a well-labeled calculation. B.) Calculate each owner's basis assuming they formed a General Partnership. Use a well-labeled calculation. a C.) Why are the calculations different? List applicable Code Sections and/or Regulations