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Steven owned 1 0 0 shares of stock in the Dover Corporation with an adjusted basis of $ 5 0 , 0 0 0 .

Steven owned

100

shares of stock in the Dover Corporation with an adjusted basis of $

50, 000 .

During the current year, Dover completely liquidated and distributed the following to Steven:

Cash $

25, 000

Land at fair market value

450, 000

Mortgage on the land

(200, 000)

Steven will assume the mortgage on the land. What is Stevens basis in the land received?

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