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In January of this year, Ann transferred land worth $210,000, with a tax basis of $38,000, to Brown Corporation, an S-Corporation, for 100 shares of
In January of this year, Ann transferred land worth $210,000, with a tax basis of $38,000, to Brown Corporation, an S-Corporation, for 100 shares of its stock. Brown Corporation currently has two other shareholders, Bill and Bob, each of whom holds 100 shares acquired in 2011. With respect to this transfer: What is Anns basis in her 100 shares of the corporation? Show your work & explain
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