Three taxpayers (Anna, Belle, and Claire) decide to pool their assets to form a new corporation that they will operate as an S Corporation. The following is what each is expecting to contribute to form the corporation: Anna: a building with a fair market value of $400,000 (originally purchased in 2015 for $450,000 and with a current adjusted basis of $380,000). In return, Anna will receive 200 shares. Belle: machinery with a fair market value of $350,000 (originally purchased in 2018 for $500,000 and with a current adjusted basis of $250,000). In return, Belle will receive 175 shares. Claire: provides services with a fair market of $250,000 for the remaining 125 shares. After forming the corporation, the shareholders expect that it will have the following results from its operations during the year: $20,000 Operating income Increase in liabilities Distributions paid to shareholders Short-term capital loss $50,000 $30,000 ($25,000) Part A: Determine the basis of each shareholder in their s corporation shares after the formation. Also determine any tax return effects to the individuals after the formation, as well as the basis the corporation would have in the property received. Provide the following for Part A in a spreadsheet. Calculation of the control calculation under Sec 351 and completion of the basis effect and tax return effect for each of the three shareholders and the corporation. Part C: Determine how the operations for the year will affect the basis of each shareholder in their S corporation shares and any tax return effects on their returns. Provide the following for Part C in a spreadsheet. Calculation of basis and return effects for each shareholder incorporating the effects of operations. One spreadsheet with Parts A and C clearly labeled