Question: Sophie contributes land with a Fair Market Value of $250,000 and an Adjusted Basis of $150,000, and Leonard contributes $250,000 cash to form Lynx Inc, an S corporation. Sophie and Leonard each own 50% of the stock. One year later, Lynx, Inc. sells the land for $350,000. How much gain is recognized by each shareholder? Group of answer choices $100,000 to Sophie, $-0- to Leonard. $150,000 to Sophie, $50,000 to Leonard. $50,000 to Sophie, $50,000 to Leonard. $100,000 to Sophie, $100,000 to Leonard.