Michacl and Ryan formed Michacl Scott Paper Co, on January 2, see announcement here Michael Scott Paper Company. Michael contributed cash of $200,000 in return for 50 percent of the corporation's stock. Ryan contributed a building and land with the following fair market value and adjusted bases in return for 50 percent of the corporation's stock. To equalize the exchange, Michael Scott Paper Co. paid Ryan $50,000 in addition to his stock. a. What amount of gain or loss does Michael realize on the formation of the corporation? What amount, if any, does he recognize? b. What is Michacl's tax basis in the stock he receives in return for his contribution of property to the corporation? c. What amount of gain or loss does Ryan realize on the formation of the corporation? What amount, if any, does he recognize? d. What is Ryan's tax basis in the stock he receives in return for his contribution of property to the corporation? e. What adjusted basis does Michael Scott Paper Co. take in the land and building received from Ryan? Assume Ryan's adjusted basis in the land was $200,000. f. What amount of gain or loss does Ryan realize on the formation of the corporation? What amount, if any, does he recognize? g. What adjusted basis does Michael Scott Paper Co. take in the land and building received from Ryan? Assume Ryan's adjusted basis in the land was $250,000. h. What amount of gain or loss does Ryan realize on the formation of the corporation? What amount, if any, does he recognize? i. What adjusted basis does Michael Scott Paper Co. take in the land and building received from Ryan