QUESTION 10 Ju Savannah and Johnson form a business entity with Savannah contributing Cash of $70,000 and Johnson contributing Land which has an Adjusted Basis of $60,000 and a Fair Market Value of $70,000. At the end of the first year of operations, the business entity has earned a profit of $30,000 and has outstanding liabilities of $40,000. If the entity is an S Corporation, Johnson's basis in her stock at the end of the first year is $85,000. O False O True 2 po