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A newly formed corporation received the following assets in exchange for stock: Appreciation (Built in Loss) Basis FMV Adjusted Basis Equipment 300,000 250,000 Land 400,000
A newly formed corporation received the following assets in exchange for stock: Appreciation (Built in Loss) Basis FMV Adjusted Basis Equipment 300,000 250,000 Land 400,000 430,000 Trucks/Other 400,000 320,000 Building 400,000 220,000 What is the corporation's adjusted basis of each asset to the corporation? You must show your calculations
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