The following facts apply to questions 10 - 11. Rob and Sharon form Swallow Corporation with the following considerations: From Rob-Cash from Sharon-Land Each receives 50% of Swallow's stock. No special elections are made by the corporation and shareholders regarding the basis of the land. What is Sharon's basis in the stock of Swallow Corporation? Sharon's stock basis = $ __ What is Swallow corporation's basis in the land? Swallow Corporation's basis in the land = $ __ the following facts apply to questions 12 and 13. In order to induce Parakeet Corporation to build a new manufacturing facility in Oxford. Mississippi, the city donates land. (fair market value of $250,000) and cash of $50,000 to the corporation. Within several months of the donation, Parakeet Corporation spends $350,000 (which includes the $50,000 received from Oxford) on the construction of a new plan located on the donated land. How much gain or loss does Parakeet recognize as a result of these transactions? Gain or loss recognized = $ __ What is the basis of the land to Parakeet Corporation? Land basis = $ __