Michael and Jordan form MJ Corp and are equal shareholders. Michael contributed property with a FMV of $80,000 and a basis $50,000 to MJ Corp while Jordan contributed property with a FMV of $80,000 and a basis of $70,000 to MJ Corp. What is the gain recognized by Michael and Jordan, their basis in MJ Corp Stock, and MJ Corp's basis in the contributed property? O Michael's Gain Recognized $30,000 Jordan's Gain Fecognized $10,000 Michael's Stock Basis = $50,000 Jordan's Stock Basis = $70,000 MJ Corp's basis in Property = $120,000 " O Michael's Gain Recognized $0 Jordan's Gain Recognized $0 Michael's Stock Basis $80,000 Jordan's Stock Basis $80,000 MJ Corp.'s basis in Property - $160,000 O Michael's Gain Recognized $30,000 Jordan's Gain Recognized $10,000 Michael's Stock Basis = $80,000 Jordan's Stock Basis - $80,000 MJ Corp's basis in Property = $160,000 =O =3 O Michael's Gain Recognized $0 Jordan's Gain Recognized $0 Michael's Stock Basis $50,000 Jordan's Stock Basis $70,000 MJ Corp.'s basis in Property $120,000