Tax Entity class.

1. Individual D contributes $15,000 cash and investment land (FMV S35,000 and basis $22,000) and Individual IE contributes business assets (FMV $50,000 and basis $60,000) to create the new DE Partnership. Which of the following statements is accurate? Both D and E have initial capital balances of S50,000. D's outside basis in his interest is $37,000 and E's outside basis in his interest is $60,000 Both D and E have initial capital balances of S50,000. D's outside basis in his interest is $22,000 and E's outside basis in his interest is $60,000 c.Both D and E have initial capital balances and outside bases in their interests of $50,000 D's initial capital account balance and outside basis in his interest are $37,000 and E's initial capital account balance and outside basis in his interest are S60,000 2. Stock of an S corporation may be owned by all of the following except a.An individual who is a resident alien of the United States An estate. c. A domestic partnership d.A voting trust