Chandra owns a piece of land with a basis of $70,000. He sells it to his adult son Deepak for its FMV of $50,000. Several years later, Deepak sells it to a developer for $62,000. What amount of gain or loss, if any, is recognized by Chandra and Deepak, respectively? Zero; $8,000 loss $20,000 loss; zero $20,000 loss; $12,000 gain Zero; zero Which of the following would prevent a corporation from making a valid S election? There are 75 shareholders. One of the shareholders is a resident alien. More than one of these is correct. The corporation has both common and preferred stock. In which type of entity is a proportionate share of entity debt included in each owner's basis? S corporation C corporation More than one answer is correct Partnership