Question 29 Kirk contributed real estate (FMV = $380,000, basis of $200,000) to his wholly owned corporation. Kirk has a $71.000 recognized gain on the incorporation. The corporation takes a basis in the real estate in the amount of 5271,000. 2 Points True To False Question 30 2 Points The assumption of a shareholder's business debts has no effect on the shareholder's stock basis. True B False