In order to induce Begonia Corporation to build a new manufacturing facility in Bangor, Maine, the city donates land (fair market value of $150,000) and cash of $50,000 to the corporation. Within several months of the donation, Begonia Corporation spends $250,000 (which includes the $50,000 received from Oxford) on the construction of a new plant located on the donated land. a. b. c. d. Begonia must recognize income of $50,000 as to the donation. Begonia will have a zero basis in the land and a basis of $250,000 in the plant. Begonia must recognize income of $200,000 as to the donation. Begonia will have a zero basis in the land and a basis of $200,000 in the plant. None of the above. e. In order to induce Begonia Corporation to build a new manufacturing facility in Bangor, Maine, the city donates land (fair market value of $150,000) and cash of $50,000 to the corporation. Within several months of the donation, Begonia Corporation spends $250,000 (which includes the $50,000 received from Oxford) on the construction of a new plant located on the donated land. a. b. c. d. Begonia must recognize income of $50,000 as to the donation. Begonia will have a zero basis in the land and a basis of $250,000 in the plant. Begonia must recognize income of $200,000 as to the donation. Begonia will have a zero basis in the land and a basis of $200,000 in the plant. None of the above. e