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Benjamin, Catheryn, Barb and Michael are knowledgeable about pool design. They have decided to pool their knowledge and resources to form Shallow Beach Enterprises Inc., a C corporation. They will provide professional services to area businesses and homeowners. All participants expect to work full time for Shallow Beach Enterprises, and each expects to contribute sufficient assets to become a 25% shareholder with total stock equity of $50,001:} each. In addition to the skills that each brings to the new entity, the owners will contribute assets that will enhance the company's ability to provide quality technical design and planning services. These assets include a building, land, pool excavating equipment, ofce furniture, and cash for initial operating expenses. Instructions: For the following two shareholders in Rio Salado Enterprises Inc., determine the gain realized, gain recognized, and tax basis of the shares using the data in the lesson. Enterthe amount for each item in the associated cells below. If a response is zero, enter a zero. lIGain Realized Gain Recognized Tax Basis in Shares Benjamin Barb SHAREHOLDER ASSETS CONTRIBUTED FOR SHALLOW BEACH ENTERPRISES The assets contributed by each shareholder, along with any related liabilities assumed by the corporation, are provided below. Shareholder FMV of noncash Liability Basis in noncash Cash Cash paid to property assumed by property Contributed shareholder by contributed corporation contributed corporation Benjamin 118,000 58,000 95,000 9,000 Catheryn 81,000 51,000 40,000 21,000 Barb 45,000 18,000 15,000 31,000 Michael 71,000 50,000 20,000