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Danielle formed Green Corporation by transferring land worth $82,000 (adjusted basis of $40,000) and $30,000 of cash in exchange for all of its common stock.
Danielle formed Green Corporation by transferring land worth $82,000 (adjusted basis of $40,000) and $30,000 of cash in exchange for all of its common stock. Determine the corporation's combined (i.e., total) basis in the assets received from Danielle. $40,000 $30,000 None of the answers are correct. $70,000 $82,000
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