The state of South Carolina gives BMWow corp a piece of lad to encourage it to build a factori in South Carolina. The state bought the property in a condemnation proceeding for $750,000 which is it's fair market value. The state also gives the corp $100,00 to use as it wishes. BMWow corp takes the land and the cash and uses the cash to buy machinery for $100,000.

A) Does the corp have income and if so how much?

B) what is the corp's adjusted basis in the land?

C) what is the basis in the machinery?