In March of Year 2, Manny contributed the following two properties, which he acquired in February of Year 1, to Illinois Corporation in exchange for additional

Illinois stock: (1) land having a $54,000 FMV and a $78,000 basis and (2) another property having an $89,000 FMV and a $74,000 adjusted basis.Illinois' employees use the land as a parking lot until Illinois sells it in March of Year 3 for $52,000. One month after the sale, in April of Year 3,Illinoisadopts a plan of liquidation. (Assume that the second property contributed by Mannywas not land.)

a.	What is Illinois' adjusted basis in the land immediately after its contribution in March of Year 2
b.	What is Illinois' recognized gain or loss on the subsequent land sale
c.	How would your answer to Part b change if the land were not used in Illinois' trade or business
d.	How would your answer to Part c change Manny contributed the land and other property in March of Year 1 instead of March of Year 2
e.	How would your answer to Part c change if the corporation sold the land (contributed in March of Year 2) for $76,000 instead of $52,000