ENTITY FORMATIONS Company was organized on January 1 with the following contributions from its two owners Property Contributed Other information $100,000 $400,000 il ceases $150.000 recen Assume ili organized as a corporation Determine the following tax consequences (Show your computations if you wish to receive parti credit.) Owner Clark Gain (Loss) Recognized Basis in ownership 2. What is il Company's basis in the properties contributed by Clark & Bruce? Clark's asset Bruce's asset: Assume I is organized as a partnership Determine the following tax consequences: Show your computations if you wish to receive partial credit for errors.) Owner Gain (Loss) Recognized Basis in ownership Clark 2. What is JL Company's basis in the properties contributed by Clark & Bruce? Clark's asset: Bruce's asset