On January 1 2022, Benji, Diego, Amanda form Miami C corporation. benji contributes land for $30,000 of Miami stock. Diego transfers furniture for $25,000 of Miami stock. Amanda transfers office equipment with an adjusted basis of $30,000 cost less $4,000 depreciation) and current FMV $25,000 to the Corporation in exchange for Miami stock with a FMV of $25,000. What is the Corproation's Basis in the equipment it recieves from Amanda?

On January 1 2022, Benji, Diego, Amanda form Miami General Partnership. Benji contributes land he purchased for $10,000 ($30,000 FMV) in exchange for a 37.5% interest in the partnership. Diego contributes special designer furniture purchased several years ago in exchange for 31.25% interest in the partnership with a FMV of $25,000. The furniture has a $20,000 adjusted basis (50,000 cost less $30,000 Acc Dep) and a $55,000 FMV because it is high in demand. The partnership also agreed to assume DIego's $30,000 liability (acquistion business debt) on the furniture, Amanda transfers equipment with an adjusted basis of $30,000 and FMV $25,000 in exchange for a 31.25% interest in the partnership. How much gain will Diego recognize at formation of the partnership.