Please help how they got the answers.

In March of Year 2. Manny contributed the following two properties which he acquired in February of Year 1, to Orleans Corporation in exchange for additional Orleans stock (1) land having a $45,000 MW and a $69.000 basis and (7) another property having an ST.000 FMV and a $75,000 adjusted basis. Orleans' employees use the land as a parking lot until Orleans solls it in March of Year 3 for $45,000. One month atter the sale, in April of Year 3 Orleans adopts a plan of liquidation (Assume that the properties were contributed to Orleans in a Sec. 351 transaction Assume that the second property contributed by Manny was not land) Read the requirements Enter al amounts, even losses, as a positive number) Requirements. What is Orleans adjusted basis in the land immediately after its contribution in March of Year 2? Orleans'adjusted basis in the land immediately after its contribution in March of Year 2 is $ 58,000 Requirement b. What is Orleans recognized gain or loss on the subsequent land sale? Oricans recognizes a $ 13.000" loss on the subsequent sale of land Requiremente. How would your answer to Part b change the land were not used in Orleans' trade or business? $ 1.000 loss If the land were not used in Orland' trade of business, Orleans recognis on the subsequent sale of land Requirement d. How would your answer to Patc change Manny contributed the land and other property in March of Year 1 instead of March of Year 2? Manny contributed the land and other property in Year 1 instead of Your 2. Orleans recognizes a $ 13.000 loss on the subsequent sale of land Requiremente. How would your answer to Parte change if the corporation sold the land (contributed in March of Year 2) for $71.000 instead of 545.000? If the land were not used in Orleans' trade of business, and the corporation sold the land (contributed in March of Year 2 for $71,000 instead of 545,000 Orleans recognizes a $ 13.000 gain on the subsequent sale of land Requirements a. What is Orleans' adjusted basis in the land immediately after its contribution in March of Year 2? b. What is Orleans' recognized gain or loss on the subsequent land sale? C. How would your answer to Part b change if the land were not used in Orleans' trade or business? d. How would your answer to Parto change if Manny contributed the land and other property in March of Year 1 instead of March of Year 2? e. How would your answer to Parto change if the corporation sold the land (contributed in March of Year 2) for $71,000 instead of $45,000? Print Done In March of Year 2. Manny contributed the following two properties which he acquired in February of Year 1, to Orleans Corporation in exchange for additional Orleans stock (1) land having a $45,000 MW and a $69.000 basis and (7) another property having an ST.000 FMV and a $75,000 adjusted basis. Orleans' employees use the land as a parking lot until Orleans solls it in March of Year 3 for $45,000. One month atter the sale, in April of Year 3 Orleans adopts a plan of liquidation (Assume that the properties were contributed to Orleans in a Sec. 351 transaction Assume that the second property contributed by Manny was not land) Read the requirements Enter al amounts, even losses, as a positive number) Requirements. What is Orleans adjusted basis in the land immediately after its contribution in March of Year 2? Orleans'adjusted basis in the land immediately after its contribution in March of Year 2 is $ 58,000 Requirement b. What is Orleans recognized gain or loss on the subsequent land sale? Oricans recognizes a $ 13.000" loss on the subsequent sale of land Requiremente. How would your answer to Part b change the land were not used in Orleans' trade or business? $ 1.000 loss If the land were not used in Orland' trade of business, Orleans recognis on the subsequent sale of land Requirement d. How would your answer to Patc change Manny contributed the land and other property in March of Year 1 instead of March of Year 2? Manny contributed the land and other property in Year 1 instead of Your 2. Orleans recognizes a $ 13.000 loss on the subsequent sale of land Requiremente. How would your answer to Parte change if the corporation sold the land (contributed in March of Year 2) for $71.000 instead of 545.000? If the land were not used in Orleans' trade of business, and the corporation sold the land (contributed in March of Year 2 for $71,000 instead of 545,000 Orleans recognizes a $ 13.000 gain on the subsequent sale of land Requirements a. What is Orleans' adjusted basis in the land immediately after its contribution in March of Year 2? b. What is Orleans' recognized gain or loss on the subsequent land sale? C. How would your answer to Part b change if the land were not used in Orleans' trade or business? d. How would your answer to Parto change if Manny contributed the land and other property in March of Year 1 instead of March of Year 2? e. How would your answer to Parto change if the corporation sold the land (contributed in March of Year 2) for $71,000 instead of $45,000? Print Done