Contribution to Capital by a Nonshareholder. In the current year, the City of Omaha do- nates land worth $500,000 to Ace Corporation to induce it to locate in Omaha and create an estimated 2,000 jobs for its citizens. a. How much income, if any, must Ace report on the land contribution? b. What basis does Ace take in the land? c. Assume the same facts except the City of Omaha also donated to Ace $100,000 cash, which the corporation used to pay a portion of the $250,000 cost of equipment that it purchased six months later. How much income, if any, must Ace report on the cash contribution? What basis does Ace take in the equipment? d. How would your answers to Parts a-c change if the contribution is made by a nonshare- holder who is not a customer, potential customer, governmental entity, or civic group