Phillip and Evans form a business entity with each contributing the following property.

	Phillip	Evans
Cash	$600,000
Land		$600,000 *
* Fair market value; adjusted basis is $200,000.

Three months later, the land is sold for $652,000 because of unexpected zoning problems. The proceeds are to be applied toward the purchase of another parcel of land to be used for real estate development.

If an amount is zero, enter "0".

a. If the entity is a partnership, what is the tax consequence as a result of the contribution of property to the partnership?

Regarding the contribution, Evans has a realized gain of $, of which $is recognized. Regarding the sale of land, the recognized gain is $, of which $ is allocated to Phillip and $ is allocated to Evans.

b. If the entity is an S corporation, what is the tax consequence as a result of the contribution of property to the corporation?

Regarding the contribution, Evans has a realized gain of $, of which $is recognized. Regarding the sale of land, the recognized gain is $, of which $ is allocated to Phillip and $ is allocated to Evans.

c. If the entity is a C corporation, what is the tax consequence as a result of the contribution of property to the corporation?

Regarding the contribution, Evans has a realized gain of $, of which $is recognized. Regarding the sale of land, the recognized gain is $, of which $ is allocated to Phillip and $ is allocated to Evans.