During 2017, Norman contributed investment property held for over one year to the Mary Ann Partnership for a 45 percent interest in partnership capital and profits. His basis in the property contributed was S9,000, and the property had a fair market value of $10,000 on the date of the contribution to the partnership. What gain or loss should Norman report as a result of the contribution of the property to the partnership in exchange for the 45 percent partnership interest? 1 s2000 ordinary income o 2, s 10,000 long-term capital ean 3. $2,000 long-term capital gain No gain or loss QUESTION 4 5 points Save Answer On July 1, 2017, Robert forms the Yew Corporation. In exchange for 100 percent of the corporation's stock, Robert contributes land with a fair market value of $100,000. Robert acquired the land 5 years ago at a cost of S40,000. At the date of the contribution, the land is subject to a $10,000 mortgage which the corporation assumes. What is the basis of the land to Yew Corporation 1. $40,000 o2 $100,000 O 3, $20,000 o 4. $60,000 QUESTION 5 5 points Save Answer In 2017, Parvifolia, Inc. had S403,000 of revenue from operations and S160,000 of dividends from non-affiliated 15-percent owned domestic corporations. The corporation's operating expenses totaled $410,000. What is Parvifolia, Inc.'s dividends received deduction for 2017