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Assets Adj. Basis FMV Land 100,000 160,000 Equipment 420,000 Less: Acc Depreciation (120,000)- equipment 300,000. 220,000 furniture240,000- (60,000) 180,000 140,000 Total 580,000 520,000 Walter transfers
Assets Adj. Basis FMV
Land 100,000 160,000
Equipment 420,000
Less: Acc Depreciation (120,000)- equipment 300,000. 220,000
furniture240,000- (60,000)
180,000 140,000
Total 580,000 520,000
Walter transfers the above three assets to newly formed WR corporation; in exchange he received 80% of WR Corporation (FMV $520,000).
What is the Corporations's basis of furniture it received from Walter?
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