John contributes land (value = $400,000, basis = $300,000, associated mortgage = $330,000) to the Durant Company in exchange for a 20% ownership interest, and $35,000 cash.What is John's tax treatment if (a) Durant is a partnership and (b) Durant is an S corporation?What would your answer be if Durant is an S corporation, and other shareholders with an ownership interest of 65% are also involved in the exchange?