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Vanna contributed $15,000 of cash and land with a fair market value of $100,000 and an adjusted basis of $40,000 to Chef, Inc. (an S

Vanna contributed $15,000 of cash and land with a fair market value of $100,000 and an adjusted basis of $40,000 to Chef, Inc. (an S corporation) when it was formed. The land was encumbered by a $30,000 mortgage executed two years before. What is Vanna's tax basis in her Chef, Inc. stock after formation?

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