ylan, Devon, and Ricken form Lemon Corporation in the current year. Dylan contributes $30,000 cash in exchange for 30 shares of Lemon. Devon contributes land with a market value of $50,000 (basis of $15,000) in exchange for 40 shares and $10,000 cash. Ricken provides services to Lemon valued at $30,000 in exchange for 30 shares. Question Content Area

a. Determine the realized gain or loss on the exchange for each shareholder. fill in the blank 1 of 1$ Feedback Area Feedback Incorrect Question Content Area

b. Determine the recognized gain or loss (or income) on the exchange for each shareholder. fill in the blank 1 of 1$ Question Content Area

c. Determine the basis of each shareholder's stock. fill in the blank 1 of 1$ Question Content Area

d. Determine Lemon's basis in the land.