Miko and Mona form M&M Beverages in the current year. Miko contributes $20,000 in cash and delivery trucks worth $70,000 for 30% interest. Miko's basis in the delivery trucks is $80,000. Mona contributes $30,000 and land worth $130,000 (basis = $100,000) and provides services in organizing the business worth $20,000 in exchange for her 70% interest. What are the tax effects of the transfers and the bases of the owners and the entity ifM&Mis organized as
a. A partnership?
b. A corporation?
c. An S corporation?