QUESTION 14 Linda and Peppers each own a fifty percent (50%) interest in a business entity. Linda contributed $200,000 for her ownership Interest and Peppers contributed Land worth $200,000 Adjusted Basis of $150,000) for her ownership Interest. Several months after the formation of the entity, the Land contributed by Peppers is sold by the business entity for $220,000. If the business entity is a Regular (Corporation, Peppers's share of the Recognized Gain from the sale of the Land by the Regular (C) Corporation is $10,000. O False True QUESTION 15 Johnella and Brown are going to establish a business entity. They expect the business to be very successful in the long-run but project Losses of approximately $100,000 for each of the first five (5) years. Due to potentlal environmental concerns, Limited Liability is a requirement for the owners as well as the ability to deduct the Losses of the entity on their personal Federal Income Tax Return. To completely achieve these objectives, a Regular (0) Corporation should be selected O False True