assume the tax rate for all c-corporations is 21%

Max transfers land worth $288,000 to Loudon Corporation. In exchange, Max receives Loudon common stock worth $270,000 and $18,000 cash. Max's adjusted basis for the land is $223,000. Assume the transaction qualifies for Sec. 351 treatment because the 80% control requirement is met. What is Loudon's basis for the land? $241.000 $288,000 $306,000 $223,000 Max transfers land worth $288,000 to Loudon Corporation. In exchange, Max receives Loudon common stock worth $270,000 and $18,000 cash. Max's adjusted basis for the land is $223,000. Assume the transaction qualifies for Sec. 351 treatment because the 80% control requirement is met. What is Loudon's basis for the land? $241.000 $288,000 $306,000 $223,000