Question 2 4.55 pts The following contributions are made by unrelated taxpayers to form a new corporation: Adam - Equipment (FMV $100, Basis $160) Bill - $100 Cash Chris - Legal Services (FMV $75) & Land (FMV $25, Basis 10) In return, each taxpayer receives 90 shares of corporate stock and $10 cash. How much gain does Chris recognize? $15 $100 None of the other answers is correct. $25 Question 3 4.55 pts Loser, Inc. was established in 2018. Its annual taxable income is as follows: 2019 $800,000 loss 2020 $500,000 loss 2021 $1,000,000 gain How much income tax will Loser, Inc. pay for 2021? $210,000 None of the other answers is correct. $42,000 $0 Question 5 4.55 pts John, age 28, buys 25% of Delta Corporation for $50,000 in 2017. In 2021, John receives a $300 of dividends from Delta Corporation. How much dividends received deduction is John entitled to on his tax return? $0 $150 $195 $300 Question 3 4.55 pts Diamond, Inc. had gross receipts from operations of $100,000, operating and other expenses of $140,000, and dividends received from a 15 percent-owned domestic corporation of $60,000. Diamond's taxable income for the year is: $20,000 income $20,000 loss $10.000 loss O $10,000 income