ame (100 points) In 2016, AJ. and Eoin form a new business entity called A&E Company. They are selling Jedi Knight swords. AJ. contributes $90,000 cash and Eoin contributes non depreciable property basis of S60,000 and fair market value of $100,000 with a nonrecourse liability of $20,000 that is assumed by A&E. A.J. and Eoin share in all profits and losses equally. There is no activity in 2016 with an adjusted Answer the following for 2016: Answer the following if the entity is a: C Corporation Partnershijp S Corporation Does AJ. have any gain recognized? How much? Does Eoin have any gain recogni How much? Does A&E Company recognize any gain? How much? What is Eoin's adjusted tax basis in the entity at the time of formation? What is A.J.'s adjusted tax basis in the entity at the time of formation? What is the entity's adjusted tax basis for the property contributed by Eoin? Scanned by CamScanner ame (100 points) In 2016, AJ. and Eoin form a new business entity called A&E Company. They are selling Jedi Knight swords. AJ. contributes $90,000 cash and Eoin contributes non depreciable property basis of S60,000 and fair market value of $100,000 with a nonrecourse liability of $20,000 that is assumed by A&E. A.J. and Eoin share in all profits and losses equally. There is no activity in 2016 with an adjusted Answer the following for 2016: Answer the following if the entity is a: C Corporation Partnershijp S Corporation Does AJ. have any gain recognized? How much? Does Eoin have any gain recogni How much? Does A&E Company recognize any gain? How much? What is Eoin's adjusted tax basis in the entity at the time of formation? What is A.J.'s adjusted tax basis in the entity at the time of formation? What is the entity's adjusted tax basis for the property contributed by Eoin? Scanned by CamScanner