Score: 0 of 4 pts PC:6-39 (similar to) 7 of 10 (6 complete) HW Score: 49.49%, 19.8 of 40 p Question Help In March of Year 2, Milton contributed the following two properties, which he acquired in February of Year 1, to Memphis Corporation in exchange for additional Memphis stock: (1) land having a $48,000 FMV and a $69,000 basis and (2) another property having an $84,000 FMV and a $76,000 adjusted basis. Memphis' employees use the land as a parking lot until Memphis sells it in March of Year 3 for $41,000. One month after the sale, in April of Year 3, Memphis adopts a plan of liquidation. (Assume that the properties were contributed to Memphis in a Sec. 351 transaction. Assume that the second property contributed by Milton was not land.) Read the requirements. (Enter all amounts, even losses, as a positive number.) Requirement a. What is Memphis' adjusted basis in the land immediately after its contribution in March of Year 2? Memphis' adjusted basis in the land immediately after its contribution in March of Year 2 is