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Jack contributes the following asset to a new S Corporation (He is the sole shareholder): Land - FMV $200,000; Mortgage $80,000, Tax Basis $100,000. What

Jack contributes the following asset to a new S Corporation (He is the sole shareholder): Land - FMV $200,000; Mortgage $80,000, Tax Basis $100,000. What is his basis in his shares

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