In March of Year 2, Manny contributed the following two properties, which he acquired in February of Year 1, to Paris Corporation in exchange for additional Paris stock: (1) land having a $51,000 FMV and a $70,000 basis and (2) another property having an $89,000 FMV and a $78,000 adjusted basis. Paris' employees use the land as a parking lot until Paris sells it in March of Year 3 for $49,000. One month after the sale, in April of Year 3, Paris adopts a plan of liquidation. (Assume that the properties were contributed to Paris in a Sec. 351 transaction. Assume that the second property contributed by Manny was not land.) Read the requirements. (Enter all amounts, even losses, as a positive number.) Requirement a. What is Paris' adjusted basis in the land immediately after its contribution in March of Year 2? Paris' adjusted basis in the land immediately after its contribution in March of Year 2 is Requirements a. What is Paris' adjusted basis in the land immediately after its contribution in March of Year 2? b. What is Paris' 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 Paris' trade or business? d. How would your answer to Part c change if 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 $82,000 instead of $49,000? Print Done