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Max concerted his sole proprietorship to an S corporation and transferred several assets to the corporation. The assets cost $15,000 and had an adjusted basis
Max concerted his sole proprietorship to an S corporation and transferred several assets to the corporation. The assets cost $15,000 and had an adjusted basis of $8000. He also spent an additional $700 to make the conversion to an S corporation. What is his beginning basis in the S corporation?
a.$8000
b.$8700
c.$15,000
d.$15,700
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