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In 2015, Olson Corporation purchased the assets of Swenson Corporation for $1,000,000. The fair market value of the assets was as follows: Furniture Office Building

In 2015, Olson Corporation purchased the assets of Swenson Corporation for $1,000,000. The fair market value of the assets was as follows:

Furniture

Office Building

Land

$ 100,000

$ 600,000

$ 200,000

Under the circumstances, which of the following is a true statement?

a, Olson will have a basis in the furniture of $111,111.

b, Olson will have a basis in the office building of $666,667.

C, Olson will have a basis in the land of $222,222.

d, Olson will have a basis in goodwill of $100,000.

a, b, and c above are all true.

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