Question 28 (18 points) James and John form Plenik Professors Corporation. Total shares worth $1,000,000. James and John are 50% owners of the new corporation. James contributes land with a basis of 520,000 (FMV 550,000). James is given (he received) 50,000 in cash as well. John contributes equipment that cost 150,000, had a FMV of 300,000, and had accumulated depreciation of 90,000. The corporation assumes debt associated with the equipment of $50k. John contributes 250,000 in Cash to even the exchange. What is the taxpayer's realized gain or loss? James: John: What is the taxpayer's recognized gain or loss? James: John: What is the taxpayer's basis in their shares? James: John: What is the corporation's basis in the asset the new company received? James: