Shareholder Contributions to Arrington Enterprises, Inc. Shareholder Noncash property contributed (estimated FMV) Liability associated with property Basis in noncash property contributed Cash contributed Cash distributed to shareholder Jones 120,000 60,000 100,000 0 10,000 Mitchell 80,000 50,000 40,000 20,000 0 Carey 40,000 20,000 20,000 30,000 0 Gorman 70,000 0 50,000 0 20,000 Determine the gain realized, gain recognized, and tax basis of the Arrington shares for Jones and Carey. Record your answers in the shaded cells in the table below. For grading accuracy, please do not enter a $ sign. A B C D 1 Gain realized Gain recognized Tax basis in shares 2 Jones 1 2 3 3 Carey 4 5 6