In the current year, the City of Baltimore donates land worth $450,000 to First Corporation to induce it to locate in Baltimore and create an estimated 2,000 jobs for its citizens. Read the requirements Requirement a. How much income, if any, must First report on the land contribution? (Complete all input fields. Enter a "0" where appropriate.) First Corporation must report income on the land contribution of Requirement b. What basis does First take in the land? (Complete all input fields. Enter a "0" where appropriate.) First Corporation takes basis in the land of Requirement c. Assume the same facts except the City of Baltimore also donated to First $120,000 cash, which the corporation used to pay a portion of the $320,000 cost of equipment that it purchased six months later. How much income, if any, must First report on the cash contribution? What basis does First take in the equipment? (Complete all input fields. Enter a "0" where appropriate.) First Corporation reports income when it receives the land and cash of The basis of the equipment purchased with the cash contribution is Requirement d. How would your answers to Parts a-c change if the contributionis made by a nonshareholder who is not a customer, potential customer, governmental entity, or civic group? (Complete all input fields. Enter a "0" where appropriate.) How much income, if any, must First report on the land contribution, if the contribution is made by a nonshareholder who is not a customer, potential customer, governmental entity, or civic group? First Corporation must report income on the land contribution of What basis does First take in the land, if the contribution is made by a nonshareholder who is not a customer, potential customer, governmental entity, or civic group? First Corporation takes basis in the land of Assume the same facts except the City of Baltimore also donated to First $120,000 cash, which the corporation used to pay a portion of the $320,000 cost of equipment that it purchased six months later. How much income, if any, must First report on the cash contribution, if the contribution is were made by a nonshareholder who is not a customer, potential customer, governmental entity, or civic group? What basis does First take in the equipment, if the contribution is made by a nonshareholder who is not a customer, potential customer, governmental entity, or civic group? First Corporation reports income when it receives the land and cash of The basis of the equipment purchased with the cash contribution is In the current year, the City of Baltimore donates land worth $450,000 to First Corporation to induce it to locate in Baltimore and create an estimated 2,000 jobs for its citizens. Read the requirements Requirement a. How much income, if any, must First report on the land contribution? (Complete all input fields. Enter a "0" where appropriate.) First Corporation must report income on the land contribution of Requirement b. What basis does First take in the land? (Complete all input fields. Enter a "0" where appropriate.) First Corporation takes basis in the land of Requirement c. Assume the same facts except the City of Baltimore also donated to First $120,000 cash, which the corporation used to pay a portion of the $320,000 cost of equipment that it purchased six months later. How much income, if any, must First report on the cash contribution? What basis does First take in the equipment? (Complete all input fields. Enter a "0" where appropriate.) First Corporation reports income when it receives the land and cash of The basis of the equipment purchased with the cash contribution is Requirement d. How would your answers to Parts a-c change if the contributionis made by a nonshareholder who is not a customer, potential customer, governmental entity, or civic group? (Complete all input fields. Enter a "0" where appropriate.) How much income, if any, must First report on the land contribution, if the contribution is made by a nonshareholder who is not a customer, potential customer, governmental entity, or civic group? First Corporation must report income on the land contribution of What basis does First take in the land, if the contribution is made by a nonshareholder who is not a customer, potential customer, governmental entity, or civic group? First Corporation takes basis in the land of Assume the same facts except the City of Baltimore also donated to First $120,000 cash, which the corporation used to pay a portion of the $320,000 cost of equipment that it purchased six months later. How much income, if any, must First report on the cash contribution, if the contribution is were made by a nonshareholder who is not a customer, potential customer, governmental entity, or civic group? What basis does First take in the equipment, if the contribution is made by a nonshareholder who is not a customer, potential customer, governmental entity, or civic group? First Corporation reports income when it receives the land and cash of The basis of the equipment purchased with the cash contribution is