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Jane and Joshua together form the Good Couple Corporation (Good) on Jan. 1, 20x1. Jane transfers equipment (basis of $575,000 and fair market value of

Jane and Joshua together form the Good Couple Corporation (Good) on Jan. 1, 20x1. Jane transfers equipment (basis of $575,000 and fair market value of $600,000) to Good in exchange for 50% of Goods stock and $100,000 of cash from the corporation. Joshua transfers cash of $110,000, investment land (basis of $598,000 and fair market value of $338,000) and agrees to provide ordinary and necessary cleaning services to the corporation in exchange for 50% of Goods stock. The services provided by Joshua are worth $52,000. Assume that Good began business immediately after it was incorporated, and that Joshua performed all of the required services between Jan. 2nd and March 31st. Answer the following:

D. What is Janes basis in the Odd stock?

E. What is Joshuas basis in the Odd stock?

F. What basis does Good have in the equipment (contributed by Jane)?

G. What basis does Good have in the land (contributed by Joshua)?

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