In March of Year 2, Mark contributed the following two properties, which he acquired in February of Year 1, to Boston Corporation in exchange for additional Boston stock: (1) land having a $52.000 FMV and a $70,000 basis and (2) another property having an $82,000 FMV and a $72,000 adjusted basis. Boston' employees use the land as a parking lot until Boston sells it in March of Year 3 for $50,000. One month after the sale, in April of Year 3, Boston adopts a plan of liquidation. (Assume that the properties were contributed to Boston in a Sec. 351 transaction. Assume that the second property contributed by Mark was not land.) Read the requirements. (Enter all amounts, even losses, as a positive number.) March of Year 27 Requirement a. What is Boston' adjusted basis in the land immediately after its contribution Boston' adjusted basis in the land immediately after its contribution in March of Year 2 is Requirements a. What is Boston' adjusted basis in the land immediately after its contribution in March of Year 2? b. What is Boston' recognized gain or loss on the subsequent land sale? c. How would your answer to Part b change if the land were not used in Boston' trade or business? d. How would your answer to Parto change if Mark contributed the land and other property in March of Year 1 instead of March of Year 2? e. How would your answer to Parte change if the corporation sold the land (contributed in March of Your 2) for $69.000 instead of $50,000? Print Done Help Me Solve This e Text Pages Get More Help Clear All Check