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Matt transfers the following 3 assets to newly formed MN Corporation; in exchange, he received 80% of the stock of MN (FMV = $520,000). Assets
- Matt transfers the following 3 assets to newly formed MN Corporation; in exchange, he received 80% of the stock of MN (FMV = $520,000).
420,000
Less Accum Dep:
(120,000)
300,000
220,000
Furniture240,000
Less Accum Dep:
(60,000)
180,000
140,000
TOTALS= 580,000=520,000What is the corporations basis of the furniture it received from Matt?
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