transaction. Assume that the second property contributed by Milton was not land.) Requirements a. What is Texas' adjusted basis in the land immediately after its contribution in March of Year 2? b. What is Texas' recognized gain or loss on the subsequent land sale? c. How would your answer to Part b change if the land were not used in Texas' trade or business? d. How would your answer to Part c change if Milton contributed the land and other property in March of Year 1 instead of March of Year 2? e. How would your answer to Part c change if the corporation sold the land (contributed in March of Year 2) for $67,000 instead of $38,000