Use the following data for Questions 6-11 Frank, Sara, and Gilbert form FSG Services, Inc., an $ corporation, by contributing the following properties: Shareholder Property Basis Value Frank Cast 150,000 150,000 Sara Cast 80,000 80,000 Equipment 40,000 70,000 Gilbert Land and Building 220,000 300,000 Liability on building 100,000 assumed by corporation The three shareholders above own 30%, 30%, and 40% of the corporation respectively. Sara also loans the corporation $50,000 and the debt is evidenced by an executed corporate note. During the year, the corporation earns ordinary operating income before taxes and officer salaries of $400,000. Frank, Sara, and Gilbert earn officer salaries of $20,000, $100,000, and $140,000 respectively. In addition to these payments, each shareholder also takes a $20,000 cash distribution during the year. 6) What is Frank's basis for his stock at formation? 7) What is Sara's basis in stock at formation? 8) What is Gilbert's basis in stock at formation? 9) What is Sara's basis for absorbing pass-through losses at formation? 10) What is Gilbert's stock basis after the first year? 11) Refer to the data above. Assume that after two years, the corporation decides to sell the building contributed by Gilbert that it has used for its operating space during the first two years. The basis of the building at the time of sale is $200,000 and the net sales price received is $360,000 (part of the proceeds are used to pay off the remaining liability on the building). At the time of the sale, Gilbert's stock basis is $320,000. What is Gilbert's stock basis after adjusting for the sale of the building