Stephanie owns 75% of the Gould Corporation. She exchanges land that she owns as an investment for an office building owned by Gould that has a fair market value of

$130,000. In the exchange, Stephanie gives Gould Corporation stock with a fair market value of $20,000. Stephanie’s basis in the land is $60,000, and her basis in the stock is $28,000. Gould’s basis in the office building is $90,000.