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safezone safezone
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7 years ago
Chris transfers land with a basis of $40,000 to Webb Corporation in exchange for 100% of Webb's stock. At the date of the transfer, the land had a $30,000 fair market value. Chris makes an election to reduce his basis in Webb's stock to $30,000, so Webb's basis in the land is
A) $30,000.
B) $35,000.
C) $40,000.
D) none of the above
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
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That's not philosophy, it's geometry
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genflynngenflynn
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More solutions for this book are available here
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We have the most crude accounting tools. It's tragic because our accounts and our national arithmetic doesn't tell us the things that we need to know.

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safezone Author
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7 years ago
this is exactly what I needed
spaghetti
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Yesterday
I appreciate what you did here, answered it right Smiling Face with Open Mouth
Jadakiss
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2 hours ago
Good timing, thanks!
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