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on July 1st of the current year Robert forms the youth Corporation in exchange for 100% of the corporation's stock Robert contributes land with a

on July 1st of the current year Robert forms the youth Corporation in exchange for 100% of the corporation's stock Robert contributes land with a fair market value of 100000 Robert acquired the land five years ago at a cost of 30000 at the date of the contribution the land is subject to $10,000 mortgage which the corporation assumes what is the basis of a land to the you Corporation

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