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Diane transferred the following assets: Cash (Adjusted basis and FMV $1,000) Equipment (Adjusted basis $2,000 and FMV $1,500) Land (Adjusted basis $4,500 and FMV $6,000).
Diane transferred the following assets: Cash (Adjusted basis and FMV $1,000) Equipment (Adjusted basis $2,000 and FMV $1,500) Land (Adjusted basis $4,500 and FMV $6,000). In exchange, Diane received 51% of E's only class of outstanding stock. What is E Corp's total basis in all assets received, assuming that Diane recognized the correct amount of gain on the exchange? A. $6,000 B. $7,000 C. $7,500 D. $8,500
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