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Determine the basis of the property contributed in the hands of the corporation in each Instance. Assume that the 80% rule is met in all
Determine the basis of the property contributed in the hands of the corporation in each Instance. Assume that the 80% rule is met in all cases. Required: a. Contribution of property with a basis of $2,700 and an FMV of $3,100. b. Contribution of property with a basis of $6,400 and an FMV of $7,200. The stockholder also received $585 cash from the corporation as part of the stock transaction. c. Contribution of property with a basis of $9,900 and an FMV of $15,900. The stockholder also received property with an FMV of $3,400 from the corporation as part of the stock transaction. d. Contribution of a building with an FMV of $285,000, a mortgage (assumed by the corporation) of $185,000, and a basis of $295,000. e. Contribution of a building with an FMV of $1,870,000, a mortgage (assumed by the corporation) of $1,170,000, and a basis of $720,000. a. Corporation's basis in property b. Corporation's basis in property c. Corporation's basis in property d. Corporation's basis in property e. Corporation's basis in property Amount
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