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QUESTION 17 Jim. Ginny, and Al formed 360 Air corporation by contributing the following: (a) Jim contributed $25,000 cash and received 25% of 360
QUESTION 17 Jim. Ginny, and Al formed 360 Air corporation by contributing the following: (a) Jim contributed $25,000 cash and received 25% of 360 Air stock: (b) Ginny contributed property with a fair market value (FMV) of $50,000 and adjusted basis of $20.000, and received 50% of stock: (c) Al helped setting up the corporation by contributing tax services and received 25% of stock. What is Ginny's basis in the stock received? O$20,000 $25.000 OC $100.000 Od 550.000
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